Rupee sinks to new low of 68 against dollar

Rupee sinks to new low of 68 against dollar
Highlights

The rupee plunged to a new record low of 68.75 per dollar in the late morning trade on persistent dollar demand from banks and importers due to further fall in equity market amid rise in crude oil prices. The rupee resumed lower at 66.90 per dollar, as against the last closing level of 66.24 per dollar at the forex market and dropped further to an all-time low of 68.75 per dollar at 10.45 hrs (IST).

The rupee plunged to a new record low of 68.75 per dollar in the late morning trade on persistent dollar demand from banks and importers due to further fall in equity market amid rise in crude oil prices. The rupee resumed lower at 66.90 per dollar, as against the last closing level of 66.24 per dollar at the forex market and dropped further to an all-time low of 68.75 per dollar at 10.45 hrs (IST).

Forex dealers said besides strong month-end demand for the American currency from importers, concerns related to subsidy burden after the passage of Food Security Bill and capital outflows mainly weighed on the domestic currency.

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