New Delhi:
The rupee on Monday fell by four paise and closed at a new record low of 85.83 (provisional) against the US dollar. Weakness was seen in the Indian rupee amid a huge fall in the local stock markets and continuous withdrawal of foreign funds.Forex traders said that The US dollar attracted people’s attention as a safe investment due to the rise in US bond yields and concerns over the outbreak of ‘HMPV virus’.

The rupee opened at 85.77 in the interbank foreign exchange market and touched an all-time low of 85.84 per dollar in the day’s trade. At the end of trading, it closed at its record low of 85.83 (provisional), which is a decline of four paise from its previous closing price. The rupee fell four paise and closed at 85.79 against the US dollar on Friday.

Anuj Choudhary, research analyst at Mirae Asset Sharekhan, said that the rupee fell to a new record low amid weakness in the domestic markets and continuous withdrawal of FIIs. The rupee also came under pressure due to rising US bond yields and fear of HMPV virus.

Chaudhary said, “However, the rupee may get support at lower levels due to the weakness of the US dollar and intervention of the Reserve Bank of India (RBI). He said that the rupee is trading in the range of 85.65 to 86.10 against the US dollar. Could.

Meanwhile, the dollar index, which gauges the US dollar’s position against six major currencies, was down 0.33 per cent at 108.44. Global oil benchmark Brent crude futures fell 0.31 per cent to US $ 76.27 per barrel.

According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 4,227.25 crore on Friday.