New Delhi: The rupee on Friday fell 15 paise to its lowest level of 88.27 (provisional) against the dollar amid continued foreign capital outflows and speculation of fresh tariffs from the US. Forex traders said a weak dollar and falling crude oil prices failed to stem the decline in the local currency.
The rupee opened at 88.11 against the US dollar at the interbank foreign exchange market. During the trade, it touched a low of 88.38 per dollar. At the end of trade, it closed at a low of 88.27 (provisional) against the dollar, representing a decline of 15 paise from the previous closing price.
On Thursday, the rupee closed at 88.12 against the US dollar. Earlier, the rupee had touched a record low of 88.15 against the US dollar on September 2. "The rupee fell to a record low on speculation of US tariffs on the Indian IT sector, leading to a decline in the stock market and an increase in the dollar/rupee exchange rate," said Anil Kumar Bhasali, executive director, Finrex Treasury Advisors LLP. However, the rupee recovered slightly after news agencies refuted the rumour."
Meanwhile, the dollar index, which tracks the US dollar against a basket of six major currencies, closed down 0.31 per cent at 98.03. In domestic stock markets, the Sensex closed at 80,710.76, down 7.25 points, while the Nifty rose 6.70 points to 24,741.
International benchmark Brent crude fell 0.25 percent to close at $66.82 a barrel. Foreign institutional investors were net sellers on Thursday, selling shares worth Rs 106.34 crore, according to stock market data.