Rupee likely to hit 78 per dollar by May-end; hits fresh all-time low

The previous all-time low was hit on March 7, when the rupee ended the day at 76.97 to a dollar

The rupee breached the psychological barrier of 77 to a dollar on Monday to hit a lifetime low of 77.46 amid the greenback strengthening against major global currencies on the back of a hawkish stance by the US Federal Reserve.

A Business Standard survey showed most respondents see the Indian unit under pressure in the near term and breaching 78 to a dollar levels before the end of the month.

The rupee, which closed 76.92 per dollar on Friday, opened weak at 77.1 after the dollar index gained to move beyond the 104-mark, with the US 10-year bond yield trading at a