Currency Bleeds! Rupee Hit 71-Mark for the First Time
Currency Bleeds! Rupee hit 71-mark for the first time The rupee hit a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency. At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74. Yesterday, the rupee slid further by 15 paise to close at a fresh lifetime low of 70.74 to the dollar due to strong demand for the greenback from oil importers and surging crude oil prices stoking inflation fears. Benchmark Brent crude oil was at USD 78 a barrel in early Asian trade. -PTC News
