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Rupee sinks to new low of 72.91, drops 22 paise against USD

Author: PTI/Wednesday, September 12, 2018/Categories: Currency

Rupee sinks to new low of 72.91, drops 22 paise against USD

Mumbai, Sep 12 - The rupee on Wednesday collapsed to a lifetime low of 72.91 against the dollar at the interbank foreign exchange market.

The domestic currency was quoting 22 paise lower at a fresh record low of 72.91 against the US dollar in morning trade amid surging crude oil prices and uanabated foreign fund outflows.

Escalating trade war concerns, consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure, dealers said.

On Tuesday, after scaling a historic low of 72.74, the local unit, finally settled day at 72.69, showing a loss of 24 paise, or 0.33%.

Brent crude gained 0.35% to quote at USD 79.34 a barrel. It had surged over 2% in Tuesday's trade.

Sentiment was also hurt by sustained capital outflows, they added.

Meanwhile, the benchmark Sensex was up by 133.29 points, or 0.35%, to 37,546.42 in the opening deals.

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rajyashree guha

PTI

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