Rupee plunges to 70.81 to US dollar

Indian Rupee
Around 10.00 am the Indian rupee was pegged at 70.68 after it touched 70.81 to a US dollar- the lowest ever mark- against the greenback: Photo | IANS
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Mumbai: The Indian rupee plunged to a fresh record low of 70.81 against the US dollar during the morning trade session on Thursday.

Around 10.00 am the Indian rupee was pegged at 70.68 after it touched 70.81 to a US dollar- the lowest ever mark- against the greenback.

It opened the day's trade at the Interbank foreign exchange market at 70.58 to a US dollar and soon surpassed its record low of 70.65 to a greenback on Wednesday.

According to analysts, continuous outflow of foreign funds, along with caution ahead of key macro-economic data, coupled with volatile global crude oil prices pulled the Indian rupee to a fresh low.

"Importers month-end US dollar demand and high crude oil prices have pulled the rupee lower," Anand Rathi Shares and Stock Brokers research analyst Rushabh Maru told IANS.

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