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High crude oil prices and persistent foreign capital outflows weigh on investor sentiments
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Sensex was trading 366.66 points higher at 56,685.67
Stands at 175.73 as importers resort to panic buying of US dollar
Expectations of foreign inflows worth as much as $2 billion into a slew of IPOs lifted sentiments
On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.280 billion to $575.451 billion.
Some currency dealers have blamed the outflow of dollars to neighbouring Afghanistan as reason for the decline.
As per rates aggregated by Google, the Indian currency plunged to 24.83 versus the Dirham.