The Indian rupee on Thursday plunged 30 paise to hit an all-time low of 77.55 in opening commerce towards the US greenback amid a broader decline in Asian currencies and a lacklustre pattern within the home fairness markets.
The rupee slipped to a document low for the second time this week.
Overseas fund outflows and elevated crude oil costs additionally impacted the home unit, foreign exchange merchants stated.
On the interbank international trade, the rupee opened sharply decrease at 77.52 towards the American greenback, then misplaced additional floor to cite 77.55, registering a fall of 30 paise from the final shut.
Within the earlier session, the rupee had settled at 77.25 towards the greenback.
The greenback index, which gauges the dollar’s power towards a basket of six currencies, was buying and selling 0.10 per cent greater at 103.95.
On the home fairness market entrance, BSE Sensex and NSE Nifty cracked practically 2 per cent in early commerce because the US April inflation knowledge, which stood at persistently excessive in April, dented investor confidence.
Again residence, buyers additionally awaited April’s retail inflation knowledge, scheduled to be launched at 5:30 pm at the moment.
In the meantime, the Reserve Financial institution of India (RBI) is more likely to elevate inflation projections within the Financial Coverage Committee (MPC) assembly subsequent month and would additionally contemplate a fee hike to tame inflation which is above its consolation stage, sources stated.