Rupee falls by 27 paise to new low of 78.40 against dollar as FIIs exit

Foreign institutional investors remained net sellers in the capital market on Monday as they offloaded shares worth Rs 2,701.21 crore

The rupee declined by 27 paise to a record low of 78.40 (provisional) against the US dollar on Wednesday due to unabated foreign fund outflows and losses in the domestic equities.

A stronger greenback overseas also weighed on the rupee sentiment, forex traders said. However, receding crude prices in the international market restricted the rupee's loss, they added.

At the interbank foreign exchange market, the local currency opened flat at 78.13 against the greenback and witnessed an intra-day high of 78.13 and a low of 78.40. The domestic unit finally ended at a record low of 78.40, down 27 paise over its