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Rupee sinks to lifetime low of 72.91, drops 22 paise against USD Read In Hindi

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 uanabated foreign fund outflows.

Reported by: PTI, Mumbai [ Published on: September 12, 2018 9:41 IST ]

Rupee sinks to lifetime low of 72.91, drops 22 paise against USD

The Indian rupee dropped to a lifetime low of 72.91 against the US dollar at the interbank foreign exchange market on Wednesday.

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 uanabated 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 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.

Also read | China seeks WTO authorisation to impose sanctions on US goods

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