Rupee hits all-time low of 78.32 against dollar

The rupee hit an all-time low of 78.32 against the dollar for the second consecutive time on Thursday after closing at the same value in the last session.

The value fell amid an outflow of foreign funds, reported PTI.

At the foreign exchange market, the rupee opened at 78.26 but settled at 78.32. On the previous day, the rupee settled at an all-time low level of 78.32 per dollar declining by 19 paise.

“Rupee weakness can continue till the time crude [oil] stays above $95 [approximately Rs 7,000],” Jateen Trivedi of brokerage and financing group LKP Securities said to Mint.

“Any breach below $95 and lower level sustained on Crude shall provide strong support to the rupee,” he added.

ICICI Direct in its research note earlier on Thursday said, “the rupee may be supported by falling crude oil prices. However, investors will closely watch US initial jobless claims data as it is expected to fall from 229,000 to 227,000.”