Rupee freefall continues: Currency hits new record low of 72.73, down 28 paise on global concerns

Mumbai: The rupee hit a new record low of 72.73 in late afternoon trade, dropping 28 paise against the US dollar. Continuing its slide, the rupee on Tuesday hit yet another record low of 72.73 against the US dollar, falling 28 paise in late afternoon trade on strengthening American currency as crude oil prices went past the USD 78 a barrel mark. Besides, unabated foreign fund outflows, sharp plunge in domestic equities with the benchmark Sensex crashing by over 500 points, too, weighed on the domestic unit, dealers said. [caption id=“attachment_5114261” align=“alignleft” width=“380”]  Rupee and US dollars. Representational image. Reuters.[/caption] The currency, however, failed to sustain strength and weakened to hit a fresh lifetime low of 72.73, down by 28 paise over its previous closing of 72.45. It breached its previous record low (intra-day) of 72.67 hit Monday. The rupee Tuesday opened on a positive note by inching 20 paise higher at 72.25 against the US dollar amid increased selling by banks and exporters. There were no signs of change in trading preference of foreign portfolio investors who sold shares worth a net of Rs 841.68 crore. Domestic institutional investors (DIIs) also offloaded equities worth a net of Rs 289.66 crore Monday, according to provision data. Meanwhile, the BSE Sensex plunged 509.04 points, or 1.34 percent, to close at 37,413.13 in Tuesday’s session. -- With PTI inputs