Rupee slides further to end at fresh lifetime low of 70.74 against dollar

The rupee slipped further to yet another record low, prompted by sustained dollar demand by oil importers, and possibly defence-related purchases.

A possible US sanction on India, if it goes ahead with buying Russian air defence system, also weighed on the sentiments, currency dealers said.

The partially convertible currency fell to its intraday low of 70.86 a dollar, but closed at 70.74 a dollar, as the central bank sold dollars in the market to cool the exchange rate off.

So far this year, rupee has fallen 9.7 per cent, making it the worst performing currency in Asia. Rupee’s loss against