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

Mumbai: The rupee on Wednesday collapsed to a lifetime low of 72.91 against the dollar at the inter-bank 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 unabated 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 the day at 72.69, showing a loss of 24 paise, or 0.33 per cent.
Brent crude gained 0.35 per cent to quote at USD 79.34 a barrel. It had surged over 2 per cent 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 per cent, to 37,546.42 in the opening deals.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)