Rupee breaches 78 per dollar mark for the first time on global cues

The rupee started depreciating rapidly since Russia invaded Ukraine in late February

The rupee breached the 78 mark against the dollar for the first time tracking the global risk-off mood and the strength of the US dollar. The currency opened at 78.14 per dollar compared to the previous close of 77.84 per dollar -- which was also an all-time low for the currency. The Indian currency touched a low of 78.23 during the morning trade.

“Weaker fundamentals are weighing on the Indian rupee with Brent crude hovering near $120/bl, raising the concerns of the widening trade deficit while the rising US interest rates are leading to concerns of further capital outflows and