Rupee hits new low, falls 44 paise against US dollar

Rupee hits new low, falls 44 paise against US dollar

The rupee hit a fresh low of 73.77 against the US dollar on Thursday, as global oil prices continued to rise.

The rupee was under pressure due to consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices.

Meanwhile, state-owned oil marketing companies have been allowed to raise USD 10 billion from overseas market to meet their working capital needs.

At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.

The domestic currency closed at a record low of 73.34, down by 43 paise or 0.59 per cent on Wednesday.

The international benchmark Brent crude breached the US 86 per barrel level, near its four-year high.

The benchmark Sensex plunged by 527.94 points, or 1.39 per cent, to 35,447.69 in morning deals.

-PTC News