Mumbai

The Indian rupee hit a fresh record low of 79.98 against the US dollar on Monday, extending the losing run to the seventh consecutive session as the American currency continues to strengthen globally.

At the interbank foreign exchange market, the rupee was 0.13 per cent down from its previous session. It briefly hit the psychological level of 80 against the US dollar in intra-day.

The Indian currency has weakened by more than 7 per cent so far this year.

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Finance Minister Nirmala Sitharaman said in the parliament on Monday that the main reasons for the depreciation in the value of the rupee are global factors like the soaring crude oil prices and the Russia-Ukraine conflict.