Rs falls 4 paise to hit all-time low of 84.11 against dollar

Mumbai: The rupee on Monday fell 4 paise to a record low of 84.11 against the US dollar, tracking a weak trend in domestic equities and relentless foreign capital outflows.

Forex traders said the Indian rupee touched new all-time lows weighed down by negative domestic markets which fell nearly 1.18 per cent.

A recovery in crude oil prices and FII outflows also dented investor sentiments.

However, the softening of the US dollar prevented a sharp fall.

At the interbank foreign exchange, the rupee opened at 84.07 against the US dollar.

During the session, the local currency oscillated between a high of 84.06 and a low of 84.12.

It finally settled at its all-time low of 84.11, a loss of 4 paise from its previous close.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.52 per cent to 103.73 points.

Meanwhile, India’s forex reserves dropped $3.463 billion to $684.805 billion in the week ended October 25, the Reserve Bank of India said on Friday.

The overall reserves had dropped $2.163 billion to $688.267 billion in the previous reporting week. In end-September, the reserves had hit an all-time high of $704.885 billion.