Rupee hits all-time low in early trade; falls 27 paise to 86.31 per dollar

The rupee's decline continued for the second consecutive trading session on Monday. The rupee fell 27 paise due to strong US currency amid volatile global cues. With this decline, the rupee came down to 86.31 per dollar. According to foreign exchange traders, the local currency was also under pressure due to a record jump in crude oil prices, continued withdrawal of foreign capital, and negative trends in domestic stock markets.

The rupee opened at 86.12 per dollar in the interbank foreign exchange market. After initial deals, it hit an all-time low of 86.31 against the dollar, showing a massive fall of 27 paise over its previous close. The rupee had closed 18 paise lower at 86.04 against the US dollar on Friday.

Meanwhile, the dollar index- which represents the position of the US dollar against six major currencies- stood 0.22 percent higher at 109.72. The yield on 10-year US bonds jumped to 4.76 percent, a level not seen since October 2023. International benchmark Brent crude edged up 1.44 percent to $80.91 per barrel.