News > Rupee opens at fresh low against the Dollar as FIIs continue to pullout of stocks

Rupee opens at fresh low against the Dollar as FIIs continue to pullout of stocks

Global funds continue to pull out of domestic stocks amid the ongoing unwinding of the yen carry trade and rising fear of recession in the US. The local currency depreciated 2 paise to open at a record low of Rs 83.86 against the US dollar. The rupee's weakness was also due to higher demand for greenback from oil importers on account of the rising Brent crude oil price. Brent crude rose 1.09% to $77.13, aided by a 0.14% rise in the dollar index.