Rupee hits lifetime low of 74.13, plunges 55p against USD
What's the story
The Indian rupee today crashed below the 74-level against USD for the first time ever after the RBI kept its key policy rate unchanged. The rupee was quoted 55p lower at 74.13 against USD soon after RBI announced its monetary policy. Investors remained concerned over sustained foreign capital outflows and fears of widening current account deficit in the wake of soaring crude oil prices.
Falling rupee
Rupee opened higher at 73.56, failed to sustain initial strength
At the Interbank Foreign Exchange (Forex) market, the Indian currency opened higher at 73.56 a US dollar against its previous record low closing of 73.58. But, it failed to sustain the initial strength and fell back to breach the 74-mark. Yesterday, the domestic currency plummeted by 24 paise to end at the record low of 73.58 a dollar.