Rupee Sinks to New Low of 72.88, Drops 18 Paise Against Dollar

The rupee fell to a record low of 72.88 against the dollar on 12 September 2018.

The rupee appreciated by 18 paise to trade at an all time high of 72.88 against the dollar on Wednesday.

(Photo: Reuters)

The rupee on Wednesday collapsed to a lifetime low of 72.88 against the dollar at the interbank foreign exchange market.

The domestic currency was quoting 18 paise lower at a fresh record low of 72.88 against the US dollar in morning trade amid surging crude oil prices and unabated foreign fund outflows.

Escalating trade war concerns and consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure, dealers said.

On Tuesday, after scaling a historic low of 72.74, the local unit finally settled at 72.69, showing a loss of 24 paise, or 0.33 percent.  

Brent crude gained 0.35 percent to quote at USD 79.34 a barrel. It had surged over 2 percent in Tuesday's trade.

Sentiment was also hurt by sustained capital outflows, they added.

Meanwhile, the benchmark Sensex was up by 133.29 points, or 0.35 percent, to 37,546.42 in the opening deals.