The domestic currency opened trading 5 paise lower at 79.92 against the US dollar on Friday
The Indian rupee plunged to a record low against the US dollar for the fifth straight session on Friday amid strengthening dollar, persistent outflow of Foreign Institutional Investors (FIIs) from the local market, rising trade-deficit numbers. On July 15, the domestic unit opened trading 5 paise lower at 79.92 against the US dollar. The rupee ended at 79.87 per US dollar during the previous session.
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“The rupee is expected to depreciate today amid strong dollar and pessimistic global market sentiments. Additionally, consistent FII outflows and concerns on looming recession may hurt the rupee. Further, investors are expected to remain vigilant ahead of crucial economic data from the US and statements from Fed officials. US$INR (July) is expected to trade in a range of 79.60-80.20,” said ICICI Direct in a note.
