Rupee hits record low of 83.06 against US dollar

The rupee fell by 6 paise to a record low of 83.06 against the US dollar in early trade. , photo credit: Getty Images

Traders said selling in domestic equities and risk-averse sentiments weighed the local unit.

The rupee fell 6 paise to a record low of 83.06 against the US dollar in early trade on Thursday on a strong greenback and unreliable foreign fund outflows overseas.

Besides, selling in domestic equities and risk-averse sentiments weighed on the local unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened weak at 83.05 against the dollar, then slipped to 83.06, a decline of 6 paise over the previous close. The local currency also moved higher at 83.07 in opening deals.

In the previous session on Wednesday, the rupee had lost 60 paise to close at 83 against the dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.07% to 113.06.

Global oil benchmark Brent crude futures slipped 0.17% to $92.25 a barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 140.09 points or 0.24% lower at 58,967.10. Similarly, the broader NSE Nifty fell 43.95 points or 0.25% to 17,468.30.

Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth Rs 453.91 crore on Wednesday, according to exchange data.