New Delhi: The rupee on Monday went down to the lowest level of 78 against the dollar for the first time ever, after closing at its weakest level of 77.93 in the previous session.
On Monday, the rupee opened at 78.14 per dollar, which is 0.38 percent weaker than its Friday closing.
"Weak domestic market, rising crude oil prices, strengthening of the dollar and outflow of foreign capital, the domestic currency will continue to remain under pressure next week. Might," said Bloomberg quoted a note of IFA Global in its report as saying.
On Friday, the Indian currency closed at a new all-time low of 77.85 (provisional) against the US dollar, down by 1 paise. During the trading session, the domestic currency touched a lifetime low of 77.93.
The rupee has lost 21 paise against the greenback during the week. However, the dollar index rose 0.20 percent to 103.43.
According to a report by News18 English, analysts had said on Sunday that due to weak fundamentals, the rupee could cross the level of 78 against the dollar in the next few sessions.
Notably, a major indicator of the economic condition of any country is its currency and due to the global situation, the strength of the US dollar is increasing over the last few months and the Indian currency rupee is falling against it.
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