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Rupee sheds 45 paise in early trade to hit a lifetime low of 72.12 a dollar

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

Press Trust of India  |  Mumbai 

Illustration by Ajay Mohanty
Illustration by Ajay Mohanty

The rupee on Monday slumped to a fresh record low of 72.18 by falling 45 paise against the US dollar on strong demand for the US currency from importers as the greenback strengthened against other currencies overseas on upbeat jobs data.

At the Interbank (Forex) market, the local currency 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. It had breached its previous record low of 72.11 hit on September 6.

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 which 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

Meanwhile, the BSE Sensex dropped by 85.01 points, or 0.22 per cent, to 38,304.81 in opening trade.

First Published: Mon, September 10 2018. 09:35 IST
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