Mumbai: The rupee extended its descent for the third straight day and settled seven paise down at 88.77 (provisional) against the US dollar on Monday, near its all-time low level, weighed down by a strong American currency and foreign fund outflows.

Forex traders said domestic equities ended on a positive note and supported the domestic unit at lower levels.

Moreover, intervention by the Central Bank also offered some cushioning.

At the interbank foreign exchange, the rupee opened at 88.73 and touched an intraday low of 88.80 against the greenback. The unit ended the session at 88.77 (provisional) against the dollar, logging a loss of 7 paise from its previous closing level.

The rupee had ended one paisa lower at 88.70 against the dollar on Friday, a day after crashing 47 paise on Thu

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