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Rupee hits record low of 71.37, drops 16 paise against US dollar

Rupee opened at a record low of 71.24 against a dollar, down from its previous close of 71.21

Press Trust of India  |  Mumbai 

rupee, rupee falls

The Tuesday slumped 16 paise against the to trade at a lifetimelow of 71.37 on strong demand for the US

At the Foreign Exchange, the local opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.37, down 16 paise.

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

The 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 was trading at USD 78.05 a barrel.

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

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.

First Published: Tue, September 04 2018. 10:14 IST
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