Rupee Opens Near Record Low At Rs 88.25 Against US Dollar

The rupee opened near record low it hit in the previous session against the US dollar. It opened four paise weaker at 88.25 against US dollar compared to close of 88.21 on Friday, according to data on Bloomberg. The Indian unit hit a new low of 88.31 per dollar during Friday's session.

The dollar index was trading steady in Asia session. The index rose 0.33% to 98.13 Friday after US Personal Consumption Expenditure Index, Federal Reserve's preferred inflation gauge, rose in line with expectations.

Market participants may remain on the sidelines awaiting US jobs data, scheduled for release later this week, to get more cues about the Fed's policy outlook.

On the domestic front, India surprised the world by reporting 7.8% year-on-year GDP growth for first quarter compared to 6.7% estimates. This may lift sentiment for the domestic unit.

The Indian unit may come under pressure, according to Anil Kumar Bhansali, head, treasury and executive director, Finrex Treasury Advisors LLP. "Exporters must have sold at 87.80 bow wait for the fall while importers to buy all major dips for hedging and minor dips for near term payables."