Rupee drops 9 paise to hit lifetime low of ₹79.90 against U.S. dollar

A decline in crude oil prices in the international markets restricted the rupee losses

The rupee declined by 9 paise to settle at a new record low of 79.90 against the U.S. currency on Thursday due to a firm U.S. dollar in overseas markets and capital outflows.

A decline in crude oil prices in the international markets, however, restricted the rupee losses, forex dealers said.

At the interbank foreign exchange market, the local currency opened strong at ₹79.72 and witnessed an intra-day high of ₹79.71 and a low of ₹79.92 against the U.S. dollar in the day trade.

The local unit finally settled at ₹79.90 a dollar, down 9 paise over its previous close.

The rupee pared its early gains as the U.S. dollar continued to gain against a basket of leading global currencies in early European trade. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.37% up at 108.36.

Brent crude futures, the global oil benchmark, dropped 2.20% to $97.38 per barrel.

On the domestic equity market front, the BSE Sensex ended 98 points or 0.18% lower at 53,416.15, while the broader NSE Nifty declined 28.00 points or 0.18% to 15,938.65.