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Indian rupee closes at fresh lifetime low against UAE dirham
High crude oil prices and consistent outflow of foreign funds also weighed on the Indian currency.
The rupee crumbled by a staggering 37 paise to end at a fresh lifetime low of 71.58 against the resurgent dollar on Tuesday as persistent trade worries and macro concerns continue to proliferate. Against the UAE dirham, the rupee hit 19.49, before closing at 19.46.
The rupee stretched its record fall for the fifth-straight session even as the Reserve Bank of India remained mostly on the sidelines, currency market participants said.
The rupee opened lower at 71.24 from the previous close of 71.21 at the inter-bank foreign exchange (forex) market.
Showing some initial resistant to the hardening dollar upsurge, the local unit bounced back to hit a session high of 71.09 briefly before resuming its downtrend.
After witnessing wide swings, it finally ended at its historic low level of 71.58, revealing a sharp loss of 37 paise or 0.52 per cent.
The domestic currency has been under pressure in recent past with deluge of headlines covering from a range of fundamental concerns against the grim backdrop of surging global crude prices and sustained capital outflows.
The ballooning of crude prices has significantly increased the country's oil import bill and it can also lead to a worsening of the current account deficit and fiscal deficit for the domestic economy.
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