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BW Businessworld

Rupee Plummets To New Low Of 72.91, Drops 22 Paise Against US Dollar

Amid surging crude oil prices and persistent foreign fund outflows, the Indian Rupee sank to a new life-time low of 72.91 against US dollar at the Interbank Foreign Exchange Market

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The rupee today 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. 

Yesterday, 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 per cent.

Brent crude gained 0.35 per cent to quote at USD 79.34 a barrel. It had surged over 2 per cent 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.