Rupee slips to new low, touches 74.27 to dollar

Mumbai - The Indian rupee traded at 74.27 to a dollar - the lowest ever against the greenback.

The Indian rupee plunged to a new low of 74.27 (20.22 to a UAE dirham ) to a US dollar during the mid-afternoon session on Tuesday.
Around 1.25pm, the Indian rupee traded at 74.27 to a dollar - the lowest ever against the greenback.
The Indian currency made a slight recovery at 1.35pm(India time) to stand at 74.26 to a dollar.
It opened the day's trade at the Inter-Bank Foreign Exchange Market at 73.85 to a dollar from its previous close of 74.07.
Besides, the dollar's overseas weakness, easing global crude oil price and higher opening in the domestic stock market supported recovery in the domestic unit in the early trade, traders said.
The International Monetary Fund's forecast of a growth rate of 7.3 per cent for India in the current year of 2018 and that of 7.4 per cent in 2019, too, boosted investor sentiment here.
In the previous session Monday, the rupee slumped 30 paise to finish at a fresh lifetime low of 74.06 against the US dollar.
Meanwhile, the benchmark Sensex rose by 72.04 points, or 0.21 per cent, to 34,546.42 in opening trade.

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