Dynamite News Rupee hits new low, falls 24 paise against US dollar
The rupee Thursday weakened by 24 paise to hit another low of 74.45 against the US dollar.
Mumbai: The rupee Thursday weakened by 24 paise to hit another low of 74.45 against the US dollar on strong demand for the American currency from importers amid unabated foreign fund outflows and a sharp losses in the domestic equity market.
At the Interbank Foreign Exchange (forex) market, the domestic currency opened weak at 74.37 and slipped further to quote at an all-time low of 74.45, depreciating 24 paise against the US dollar in the early trade.
Indian Rupee hits a new low of 74.47 versus the US Dollar pic.twitter.com/zSnUsJqPaQ
Also Read | Rupee loses 5 paise against dollar to 64.12
— ANI (@ANI) October 11, 2018
Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows weighed on the domestic currency.
Also Read: Rupee falls 14 paise against US dollar
On Wednesday, the rupee snapped its six-session losing streak to end 18 paise higher at 74.21 against the US dollar after the American currency weakened overseas.
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Rupee appreciates 5 paise against dollar to 64.10
Foreign institutional investors (FIIs) sold shares net worth a net of Rs 1,096 crore Wednesday, provisional data showed.
Investors remained concerned over sustained foreign capital outflows.
Meanwhile, the BSE benchmark Sensex crashed 1,030.40 points, or 2.95 per cent, to hit 33,730.49 in opening trade. (PTI)