The rupee on Friday recovered from an intra-day low of 79.12 to the dollar on the government slapping a rash of levies on fuel and gold but still ended below the psychological level of 79 at 79.04, a new alltime low.

The rupee finished at 78.97 on Thursday. Anindya Banerjee of Kotak Securities said the rupee would continue to remain under pressure and over the near-term, it can trade within a range of 78.70-79.30 levels in the spot market.

The rupee has been hit by persistent outflows from foreign portfolio investors (FPIs) and rising crude oil prices. Analysts said if the current trend continues, the rupee would hit the 80 mark in the current fiscal, while some say the currency could even hit 81 to the dollar. In June, foreign portfolio investors sold stocks worth Rs 50,200 crore as per NSDL data, a major reason for the fall of the currency. The FPIs have offloaded stocks worth Rs 2.18 lakh crore in this calender year.