Rupee at record low: Freefall continues, tumbles 72 paise to 72.46 against USD
Rupee at fresh low: Falls 45 paise to 72.18 against US Dollar.The rupee slumped to a new record low of 72.18 against the US dollar in early trade on Monday, plunging nearly 45 paise from its last close. The rupee had earlier hit a record low of 72.11 on September 6. The rupee slipped in early trade tracking gains in the dollar as well as strong demand for the greenback from importers and banks.The local currency opened at record low of 72.15 a dollar at the Interbank Foreign Exchange (Forex) market from its previous close of 71.73. Minutes into trade, the rupee slipped by 45 paise to hit a fresh low of 72.18. Besides strong demand for the American currency, the domestic currency was weighed on by buying by importers, mainly oil refiners in view of surging crude oil prices and capital outflows, PTI reported quoting forex dealers.Also read: Share Market Live: Sensex, Nifty fall into red; rupee hits new record lowThe dealers added that the dollar strength against its rival currencies overseas amid fears of a possible escalation in the US-China trade conflict too put pressure on the rupee. The rupee on Friday staged a turnaround to close higher by 26 paise at 71.73 after heavy intervention by the Reserve Bank of India.Meanwhile, oil prices rose on Monday as U.S. drilling for new production stalled and as the market eyed tighter conditions once Washington’s sanctions against Iran’s crude exports kick in from November, said a Reuters report. In the domestic equity markets, the Sensex of the BSE was trading lower by 182.70 points or 0.48% at 38,207.12 points (around 9.45 am), while the Nifty 50 of the NSE traded at 11,532.40, down 56.70 points or 0.49%.