Rupee Hits New Low, Slips to 72.98

Representational Image.

(Photo: The Quint)

The latest global trade protectionist measures, along with high crude oil prices, dragged the Indian rupee to a fresh low of 72.98 per US dollar on Tuesday.

At 5 pm, the rupee closed at 72.98 per greenback from its previous close of 72.51 per dollar. It had opened at 72.60 per US dollar at the Inter-Bank Foreign Exchange Market and remained range bound.

However, the Indian currency’s slide commenced from 4.45 pm onward as it touched 72.96, breaching its previous intra-day record low of 72.91 made on 12 September.

According to analysts, concerns over a rise in inflation rate, growing protectionism in global trade and an outflow of foreign funds from the country's equity market have had an adverse impact on the Indian currency.