Rupee hits fresh low of 71.56 versus dollar
jkupdate.com | 04-Sep-2018 04:31 PM

NEW DELHI: The rupee's dismal show continued on Tuesday with the Indian currency touching a new low of 71.56 against the US dollar. After opening at a record low of 71.24 against a dollar, the Indian rupee continued its decline in afternoon trade, hitting a fresh low.

The Indian currency fell to 71.56 versus the US dollar around 3:30 pm. 

At the Interbank Foreign Exchange, the local currency opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and continued to weaken further.

Forex dealers said besides strong demand for the American currency from importers, capital outflows too weighed on the domestic currency.

The dollar strengthened against some currencies overseas as investors bid up safe haven assets amid tensions over global trade and strains in emerging market currencies.

A sharp rally in global crude prices further dampened the overall trading sentiment.

Benchmark Brent crude oil was trading at USD 78.05 a barrel.

Yesterday, the rupee had lost 21 paise, to close at an all-time low of 71.21 against the US dollar.

Meanwhile, the BSE Sensex fell by 7.60 points, or 0.01 per cent, to 38,304.92 points in early trade.

Foreign institutional investors (FIIs) sold shares worth a net of Rs 21.13 crore on Monday, as per provisional data. 

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