Rupee falls 5 paise to fresh low of 88.80 against US dollar

Mumbai, Sep 30: The rupee fell 5 paise to an all-time low of 88.80 against the US dollar on Tuesday, pressured by sustained foreign capital outflows amid global trade uncertainties.

However, a steep fall in global crude oil prices, along with a weaker greenback, prevented a sharp decline in the local unit, according to forex traders.

The markets are also awaiting the Reserve Bank of India’s (RBI’s) Monetary Policy Committee decision, which will be announced on Wednesday.

At the interbank foreign exchange, the rupee opened at 88.73 against the dollar and traded in the range of 88.69-88.85 before settling at 88.80, lower by 5 paise against its previous close.

The rupee consolidated in a narrow range and settled lower by 3 paise at 88.75 against the greenback on Monday.