Rupee sinks below 78 against US dollar for the first time

Mumbai, June 13: The Indian rupee slumped below 78 against the US dollar on Monday dragged by foreign fund outflows amid selloffs in the stock markets.

The rupee breached the 78 mark against the US dollar for the first time.

At the interbank foreign exchange market, the partially convertible rupee started the day at 78.14 per dollar against its previous close at 77.84. The rupee hit a low of 78.23 against the US dollar in the morning trade.

Incessant dollar outflows from the Indian equities and bond markets have led to a sharp drop in the value of the Indian currency.