Indian Rupee Toches Record Low Of Rs 71.56 Against Dollar
New Delhi: The Rupee on Tuesday nose-dived to a fresh record low of 71.56 against the US Dollar in late afternoon trade. The American currency strengthened overseas as investors bid up safe haven assets amid tensions over global trade and strains in emerging market currencies.
The rupee had earlier slumped 16 paise against the dollar to trade at a life-time low of 71.37 in early trade on Tuesday morning due to strong demand for the U.S. currency.
Forex dealers revealed that capital outflows, besides strong demand for the American currency from importers are all weighing down the domestic currency. A sharp rise in global crude prices further degraded the overall trading sentiment and value of rupee.
Notably, the rupee had lost 21 paise to close at an all-time low of 71.21 against the U.S. dollar on Monday. Furthermore, the BSE Sensex too fell by 7.60 points, or 0.01%, to 38,304.92 points in early trade.