Rupee drops 44 paise to hit new low of 73.77 against dollar as oil prices continue to rise

Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.

Press Trust of India October 04, 2018 11:22:32 IST
Rupee drops 44 paise to hit new low of 73.77 against dollar as oil prices continue to rise

Mumbai: The rupee collapsed to a fresh low of 73.77 against the US dollar Thursday, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows.

Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.

Meanwhile, state-owned oil marketing companies have been allowed to raise $10 billion from overseas market to meet their working capital needs.

Rupee drops 44 paise to hit new low of 7377 against dollar as oil prices continue to rise

Representational image. Reuters

At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.

The domestic currency closed at a record low of 73.34, down by 43 paise or 0.59 per cent on Wednesday.

The international benchmark Brent crude breached the US 86 per barrel level, near its four-year high.

The benchmark Sensex plunged by 527.94 points, or 1.39 percent, to 35,447.69 in morning deals.

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