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Indian Rupee Slips to an All-Time low of 74.10 Against the US Dollar

Image for representation.

Image for representation.

Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, have kept the rupee under pressure.

New Delhi: The Indian rupee slipped to an all-time low of 74.10 per dollar on Friday, the first time after Reserve Bank of India (RBI) kept the repo rate unchanged at 6.50 percent.

The Monetary Policy Committee (MPC) said its decision is consistent with the stance of calibrated tightening of monetary policy in consonance with the objective of achieving the medium-term target for CPI inflation of 4 percent.

Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, have kept the rupee under pressure. State-owned oil marketing companies have been allowed to raise USD 10 billion from overseas market to meet their working capital needs.

At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.