Indian Rupee Slips To All Time Low Of 73.34 Against Dollar
New Delhi: The Indian rupee on Wednesday breached the 73 mark against the dollar for the first time ever to stoop to 73.34 against dollar. This comes in the wake of strong demand for the American currency from importers amid rising global oil prices and uncontrolled capital outflows.
The domestic currency opened lower at 73.26 on Wednesday and fell to 73.34 a dollar against its previous closing of 72.91 Monday. At the Interbank Foreign Exchange (forex) market, rupee dropped 43 paise to 73.34 against the US dollar in the early trade.
The alarming fall in rupee has raised concerns of investors regarding the sustained foreign capital outflows and surging crude oil prices that crossed the USD 85 per barrel. Forex dealers have stated that strong demand for the dollar from importers amid concerns of rising fiscal deficit and capital outflows took a toll on the domestic currency.
Meanwhile, the BSE benchmark Sensex dropped by 137.62 points, or 0.38 per cent to stand at 36,388.52 in opening trade on Wednesday.