Rupee falls 10 paise to all-time low of 92.40 against dollar

Mumbai: The rupee weakened by 10 paise to settle at a fresh record low of 92.40 against the US dollar on Monday amid surging crude oil prices and incessant withdrawal of foreign funds triggered by geopolitical uncertainties.

The local currency, however, resisted a sharp fall backed by a significant recovery in domestic equity markets amid hopes of the reopening of the Strait of Hormuz, according to forex traders.

At the interbank foreign exchange, the local unit opened at 92.44 and touched its lowest-ever intra-day level of 92.47 against the greenback during the session.

The local unit ended the session at 92.40 against the dollar, registering a loss of 10 paise from its previous close.

In the preceding session, the rupee hit its lowest intra-day level of 92.47 before ending at 92.30 against the dollar, its lowest-ever closing level until Friday.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.13 per cent lower at 99.97.