Sliding for the second straight session, the rupee dipped 3 paise to close at a fresh lifetime low of 77.65 against the dollar on Thursday, weighed down by a negative trend in domestic equities and unabated foreign fund outflows.
At the interbank foreign exchange market, the local unit opened weak at 77.72 against the greenback, and shuttled between a high of 77.63 and a low of 77.76. It finally settled at 77.65, down 3 paise over Wednesday’s close of 77.62.
The rupee has now closed at record lows in four of the previous five sessions.
“The rupee consolidated in a narrow range despite a sharp sell-off in domestic and global equities. The dollar also retraced from higher levels after economic numbers released from the US came below estimates,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.28 per cent lower at 103.51.
Global oil benchmark Brent crude futures fell 1.87 per cent to $107.07 per barrel.
Sugandha Sachdeva, vice-president — commodity and currency research, Religare Broking, said the rupee continued its losing streak after a brief respite as fragile risk sentiments in the markets continue to push the domestic currency on a lower incline.