The rupee depreciated 31 paise to an all-time low of 80.15 against the US dollar in early trade on Monday tracking the strength of the American currency and firm crude oil prices.

At the interbank foreign exchange, the rupee opened at 80.10 against the dollar, then lost ground to quote at 80.15, registering a fall of 31 paise from the last close. On Friday, the rupee closed at 79.84 against the dollar.

Also Read| Sensex crashes over 1200 points, Nifty falls by 355 points in early trade

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.51% higher at 109.35.

Forex traders said the dollar index gained after Federal Reserve Chair Jerome Powell adopted a hawkish tone in battling inflation.

Also Read| Asian stocks fall as US Fed hike fears weigh on investors

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the rupee opened on a weak note after a hawkish Powell kept US rate hikes in prominence until inflation falls to 2%.

Also Read| Week ahead: GDP data, rupee movement to weigh on Sensex, Nifty

“With 80 being allowed to be crossed over by RBI, its actions will be watched closely by traders. The next important events are PMI and NFPR of the US which will give an indication as to how the economy and labour markets are behaving,” Bhansali said.

Global oil benchmark Brent crude futures advanced 0.86% to USD 101.86 per barrel.

Also Read| Week in review: Sensex, Nifty fall on profit booki

On the domestic equity market front, the 30-share Sensex was trading 966.68 points or 1.64% lower at 57,867.19, while the broader NSE Nifty fell 283.90 points or 1.62% to 17,275.00.

Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 51.12 crore, as per stock exchange data.