Rupee hits fresh record low of 70.81

Rupee hits fresh record low of 70.81
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Mumbai: The Indian rupee plunged to a fresh record low of 70.81 to a US dollar during the morning trade session on Thursday.

Around 10.00 a.m. the Indian rupee was pegged at 70.68 after it touched 70.81 to a US dollar — the lowest ever mark — against the greenback.

It opened the day’s trade at the Interbank foreign exchange market at 70.58 to a US dollar and soon surpassed its record low of 70.65 to a greenback on Wednesday.

According to analysts, continuous outflow of foreign funds, along with caution ahead of key macro-economic data, coupled with volatile global crude oil prices pulled the Indian rupee to a fresh low.

“Importers month-end US dollar demand and high crude oil prices have pulled the rupee lower,” Anand Rathi Shares and Stock Brokers research analyst Rushabh Maru told IANS.