Indian Rupee crashes to another all-time low close of 70.74 against US dollar

The Indian rupee today slipped further by 15 paise to close at a new lifetime low of 70.74 against the US dollar. Earlier today, the rupee has hit a record low of 70.90 during the day's trade as firming crude prices increased fears of widening current account deficit. Another reason for rupee's plunge was the month-end demand for the US currency from importers and rising crude oil prices.

The dollar index, which shows the dollar strength against a basket of currencies, was trading up 0.11 per cent at 94.56. A stronger dollar in overseas markets and losses in local stocks markets also impacted the rupee sentiment.

The rupee resumed 5 paise lower at 70.64 in today's trade against Wednesday's closing of 70.59 before hitting the record low of 70.90. 

It shed some of the initial losses to trade near 70.69 in the afternoon before taking a plunge in the last trading hours to close at 70.74, a fall of 15 paise or 0.21 per cent.

Watch This Zee Business Video

The rupee is facing pressure from surging crude oil prices. The crude prices are currently at a month's high. The benchmark Brent crude firmed up 31 cents to $77.45 per barrel.
 
Not only the domestic currency but also the benchmark BSE Sensex and NSE Nifty today closed in the red. The Sensex slipped 33 points, or 0.08 per cent, to close at 38,690 while the Nifty was down 15 points, or 0.13 per cent, to close at 11,677.