The rupee depreciated by 20 paise against the US dollar in early trade on Monday.
Currency sources said:
The sharp fall in the stock market and the increase in demand for the dollar in the international market also had an impact on the foreign exchange market. Moreover, the weakening of Asian currencies and the outflow of foreign investment have become the main reasons for the rupee’s depreciation.
The rupee had closed at 78.20 against the dollar in early trade on Monday. It then moved between a trade high of 78.02 and a low of 78.29.
At the end of the day, the rupee lost 20 paise to an all-time low of 77.93.
120 barrel of crude oil
Brent crude traded 1.58 percent lower at $ 120.08 a barrel in early trade on Monday, market sources said.
Continuing outflow foreign investment
Foreign financial institution investors sold shares worth Rs 3,973.95 crore on a net basis in the capital market on Friday, according to stock market data.