Indian Rupee Falls To Lifetime Low Of 72.18, Drops 45 Paise Against USD
Mumbai: The rupee on Monday touched a new record low of 72.18 by falling 45 paise against the US dollar. The rupee depreciated, as the US dollar strengthened against other currencies on upbeat jobs data and a strong demand for the US currency from importers.
The Indian rupee opened at a record low of 72.15 a dollar from its previous close of 71.73 and slipped to hit a fresh low of 72.18, down by 45 paise at the Interbank Foreign Exchange (Forex) market. It had breached its previous record low of 72.11 hit on September 6.
Forex dealers said besides strong demand for the American currency, buying by importers, mainly oil refiners in view of surging crude oil prices and capital outflows, weighed on the domestic currency.
Furthermore, the dollar strengthened against its rival currencies overseas amid fears of a possible escalation in the US-China trade conflict too put pressure on the rupee, they said.
The rupee on Friday staged a turnaround to close higher by 26 paise at 71.73 after heavy intervention by the Reserve Bank of India.
In opening trade, the benchmark index of BSE, Sensex, dropped by 85.01 points, or 0.22 per cent, to 38,304.81.