The Indian rupee weakened to a fresh record low against the U.S. dollar on July 11 amid weakness in the domestic stock market and as concerns about global economic growth continued to support the safe-haven greenback.
The partially convertible rupee was trading at 79.41/43 per dollar at 11:55am, compared to its close of 79.25 on Friday. The unit had hit its previous lifetime-low of 79.3750 last week.
At the interbank foreign exchange, the rupee opened weak at 79.30 against the American dollar and slipped further to quote at 79.33, a decline of 7 paise over its last close. In initial trade, the local currency witnessed a high of 79.24 and a low of 79.35 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.31 per cent to 107.34. Global oil benchmark Brent crude futures declined 0.63 per cent to USD 106.35 per barrel.
Both Indian equity benchmark indices, Sensex and Nifty, were down 0.5 percent each.
Foreign institutional investors were net sellers in the capital market on Friday as they sold shares worth Rs 109.31 crore, as per exchange data. Foreign investors continue to desert Indian equity markets and have pulled out over Rs 4,000 crore this month so far amid steady appreciation of the dollar and rising interest rates in the US.
However, the pace of selling by foreign portfolio investors (FPIs) has been declining over the last few weeks.
(With inputs from agencies)
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