Rupee has dropped to an all-time low of 77.82 against the dollar

In early trading on Friday, the rupee fell 8 paise to a new low of 77.82 against the US dollar, reflecting the greenback’s rise in the international market.

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In early trading on Friday, the rupee fell 8 paise to a new low of 77.82 against the US dollar, reflecting the greenback’s rise in the international market.

At the interbank foreign exchange, the rupee began weakly versus the dollar at 77.81, before losing momentum to quote at 77.82, an all-time low, a drop of 8 paise from the previous close.

The rupee lost 6 paise versus the US dollar on Thursday, closing at 77.74.

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According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee began lower against the dollar on Friday, tracking the greenback’s overnight surge.

Asian and developing market counterparts have had a mixed start, with Asian equity continuing to be under pressure, which might impact on sentiments, according to Iyer.

Brent crude futures lost 0.66 percent to $122.26 a barrel, the global benchmark.

In the meantime, the dollar index, which measures the strength of the greenback against a basket of six currencies, was down 0.04 percent at 103.17.

On the domestic stock market, the 30-share Sensex was down 620.68 points, or 1.12%, at 54,699.60, while the wider NSE Nifty was down 165.30 points, or 1%, at 16,312.80.

According to stock exchange data, foreign institutional investors were net sellers in the capital market on Thursday, offloading shares worth Rs 1,512.64 crore.