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Rupee hits new low of 74.27, plunges 21 paise against USD

Press Trust of India  |  Mumbai 

The erased all its morning gains to hit a new record low of 74.27 against the US in afternoon trade Tuesday after breached the USD 84 a barrel-mark again and the American strengthened overseas.

Moreover, unabated foreign fund outflows weighed on the rupee, traders said.

At the forex market, the domestic unit opened higher at 73.93 and advanced to 73.88 on fresh selling by exporters amid weakness in against some currencies overseas.

However, it turned weak and slipped to trade at a fresh lifetime low of 74.27, showing a fall of 21 paise over its Monday's close of 74.06.

It broke previous record low (intra-day) of 74.23 reached on October 5.

Foreign institutional investors (FIIs) sold shares net worth a net of Rs 1,805 crore Monday, provisional data showed.

Investors remained concerned over sustained foreign capital outflows and rise in to 84.48.

Forex dealers said besides strong demand for the American from importers, concerns rising fiscal deficit and capital outflows weighed on the domestic

Meanwhile, the benchmark Sensex dropped by 87.79 points, or 0.25 per cent, to 34,386.59 during mid-session.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 09 2018. 13:30 IST