In view of the greenback’s strength in the overseas market, the rupee fell by 8 paise to a record low of 77.82 against the US dollar in early trade on Friday.
At the interbank forex, the rupee opened on a weak note at 77.81 against the US dollar, then lost ground to bid at 77.82 – its all-time low, recording a fall of 8 paise from the previous close.
On Thursday, the rupee had closed 6 paise lower at 77.74 against the US dollar.
Sriram Iyer, Senior Research Analyst, Reliance Securities, said that the rupee opened weak against the dollar on Friday in view of the greenback’s overnight strength.
Iyer said Asian and emerging market peers have made a mixed start, while Asian equities remained under pressure and sentiments could be weighed down.
Global oil benchmark Brent crude futures fell 0.66 per cent to $122.26 per barrel.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.04 per cent lower at 103.17.
On the domestic equity market front, the 30-share Sensex was trading 620.68 points or 1.12 per cent lower at 54,699.60, while the broader NSE Nifty was trading 165.30 points or 1 per cent lower at 16,312.80.
Foreign institutional investors were net sellers in the capital market on Thursday as they sold shares worth Rs 1,512.64 crore, according to stock exchange data.