Rupee hits record low to 74.48 against US dollar

Rupee hits record low to 74.48 against US dollar
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The Indian rupee, on Thursday, touched a fresh record low of 74.48 per US dollar on foreign fund outflows. Tracking negative global cues, the BSE Sensex opened over a 1,000 points lower on Thursday. Tanking nearly 300 points, the Nifty opened below the 10,200 level.

Yesterday rupee ended 18 paise higher at 74.20 per dollar, today it opened lower by 10 paise at 74.30. This year in its worst run since the financial crisis, the rupee has hit repeated record lows against the dollar.

Meanwhile, considering tapping citizens abroad to prop up the rupee, officials from the finance ministry and the central bank are discussing a plan to raise money from non-resident Indians. Reportedly, Reserve Bank of India would buy Rs 12,000 crore worth of bonds via an open market operation on October 11.