Rupee hits fresh low of 19.80 against dirham

Rupee hits fresh low of 19.80 against dirham

Continuing its slide, the rupee on Tuesday hit yet another record low of 72.73 against the United States dollar, falling 28 paise in late afternoon trade on strengthening American currency as crude oil prices went past the $78 a barrel mark.

Forex dealers said besides strong demand for the American currency, dollar buying by importers, mainly oil refiners in view of surging crude oil prices and capital outflows, weighed on the domestic currency.

On Friday, the Indian currency had recovered slightly from its recent decline to close at 71.73 against the dollar.

With Rajasthan, Mizoram, Chhattisgarh and Madhya Pradesh set to face assembly elections this year and Lok Sabha elections scheduled to be held in the first half of 2019, the BJP government has come under fire from opposition parties for its inability to shield the common man from the effects of a falling rupee and high petrol, diesel prices.

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The Indian currency has continued its weak run with the rupee opening at a new low of 72.15 against USA dollar on the Interbank Foreign Exchange (Forex) market on Monday, down from a close of 71.72 on Friday.

A report by worldwide credit rating agency Moody's Investors Service mentioned that sustained weakening of the rupee was "credit negative" for Indian companies that rely on USA dollar debt to fund their operations but generate revenue in rupees. It pared losses on Monday after a government official said the finance ministry and central bank are in touch on a daily basis, and the latter is intervening when needed.

It has touched a record low of 72.67 per dollar during intraday Monday.

Meanwhile, the BSE Sensex plunged 509.04 points, or 1.34 per cent, to close at 37,413.13 in Tuesday's session.

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