The rupee today plunged to all-time low of 70.65 to the US dollar in day trade on heavy month-end dollar demand from importers and foreign capital outflows.
The local currency dropped by 49 paise or 0.70 per cent to close at 70.59 to the dollar at the interbank foreign exchange market, logging its biggest single-day drop since August 13 when it nosedived 110 paise or 1.6 per cent.
The rupee had earlier hit its all-time closing low of 70.16 on Monday.
Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure, dealers said.
"Focus will now shift to India's GDP and fiscal deficit data due to be released on Friday. Near-term range for the rupee is 70.20 and 70.75," Rushabh Maru, Research Analyst, Anand Rathi Shares and Stock Brokers
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