Rupee inching near 73-mark: Indian currency sinks to new low of 72.91, drops 22 paise against dollar

Rupee was quoting 22 paise lower at a fresh record low of 72.91 against the US dollar in morning trade amid surging crude oil prices and unabated foreign fund outflows.

Press Trust of India September 12, 2018 09:57:05 IST
Rupee inching near 73-mark: Indian currency sinks to new low of 72.91, drops 22 paise against dollar

Mumbai: The rupee on Wednesday collapsed to a lifetime low of 72.91 against the dollar at the interbank foreign exchange market.

The domestic currency was quoting 22 paise lower at a fresh record low of 72.91 against the US dollar in morning trade amid surging crude oil prices and unabated foreign fund outflows.

Escalating trade war concerns, consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure, dealers said.

On Tuesday, after scaling a historic low of 72.74, the local unit, finally settled day at 72.69, showing a loss of 24 paise, or 0.33 percent.

Rupee inching near 73mark Indian currency sinks to new low of 7291 drops 22 paise against dollar

Representational image. Reuters.

Brent crude gained 0.35 percent to quote at $79.34 a barrel. It had surged over 2 percent in Tuesday's trade.

Sentiment was also hurt by sustained capital outflows, they added.

Meanwhile, the benchmark Sensex was up by 133.29 points, or 0.35 per cent, to 37,546.42 in the opening deals.

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