Rupee Continues Slide, Hits Life-time Low of 72.48 Against 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.
Illustration by Mir Suhail/News18.
Mumbai: The rupee weakened further to hit a fresh low of 72.48 against the US currency, falling 75 paise in late morning deals Monday on rising crude oil prices, strengthening dollar and a widened current account deficit.
Earlier the rupee resumed slightly lower at 72.18 against last Friday's closing level of 71.73 a dollar at the Interbank Foreign Exchange here.
The domestic unit witnessed intense volatility and traded between 72.07 and hit all-time low of 72.48 during morning deals.
India's current account deficit (CAD) widened to USD 15.8 billion in April-June in value terms this year as against USD 15 billion in the same quarter of 2017-18, mainly due to a higher trade deficit, according to RBI data released Friday.
Domestic macro situation and dollar's strength amid fear of currency crisis continued to spook the rupee, a dealer said.
Overseas, the US dollar edged higher against a basket of currencies in early Asian trade on strong US August jobs data and fears of an escalation in the China-US trade conflict.
Meanwhile, the 30-share BSE Sensex is trading lower by 238.01 points, or 0.62 per cent, at 38,151.81 at 1055 hrs.
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