The Indian currency rupee breached the Rs 78 mark against the dollar for the first time ever on Monday, hitting a new lifetime low against the US dollar.
The rupee closed Monday’s trade at Rs 78.04 per US dollar, after depreciation as low as Rs 78.29 in intra-day deal.
The rupee might see more weakness ahead of the US monetary policy review meeting starting
later this week, where the US Fed is expected to hike rates and showcase a more aggressive action, said Jigar Trivedi, Research Analyst, Commodities & Currencies Fundamental, Anand Rathi Shares & Stock Brokers.
However, runaway depreciation might not happen amid the central bank’s intervention, Trivedi said.