Indian rupee plummets to all-time low against US Dollar
Extending its losses on Monday, the weakening Indian currency continued its downward trend against the US dollar slipping to new lows. Currently, the Indian rupee stands at 77.47 against the US dollar after early trade on the day.
The rupee continued the trend from Friday when it had plunged 55 paise against the US dollar to close at 76.90. Surge in crude oil prices has been a factor in the slip.
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The Indian rupee is evaluated on the basis of the American dollar’s strength in the overseas market as well as continued outflow of foreign funds.
In the capital market, net sellers on Friday were overseas institutional investors who sold shares worth Rs 5,517.08 crore, according to stock exchange data.