ZCZC
BCN-30
INDIA-RUPEE-USD
Rupee hits new low, falls 24 paise against US dollar
Mumbai, Oct 11, 2018 (BSS/PTI) – The rupee Thursday weakened by 24 paise
to hit another low of 74.45 against the US dollar on strong demand for the
American currency from importers amid unabated foreign fund outflows and a
sharp losses in the domestic equity market.
At the Interbank Foreign Exchange (forex) market, the domestic currency
opened weak at 74.37 and slipped further to quote at an all-time low of
74.45, depreciating 24 paise against the US dollar in the early trade.
Forex dealers said besides strong demand for the American currency from
importers, concerns of fears of rising fiscal deficit and capital outflows
weighed on the domestic currency.
On Wednesday, the rupee snapped its six-session losing streak to end 18
paise higher at 74.21 against the US dollar after the American currency
weakened overseas.
Foreign institutional investors (FIIs) sold shares net worth a net of Rs
1,096 crore Wednesday, provisional data showed.
Investors remained concerned over sustained foreign capital outflows.
Meanwhile, the BSE benchmark Sensex crashed 1,030.40 points, or 2.95 per
cent, to hit 33,730.49 in opening trade.
BSS/PTI/HR/1245