Rupee hits new all-time low of 65, down 89 paise against USD
The rupee today plunged further by 89 paise to hit new record low of 65 against the US dollar in early trade on the Interbank Foreign Exchange market on heavy demand for the US currency from banks and importers amid a weak opening in the domestic equity market
Besides, dollar's strength against major currencies overseas after the Federal Reserve's minutes of its last policy meeting released yesterday indicated the central bank was committed to scaling back its asset-buying programme weighed on the domestic currency, dealers said.
They said weak domestic fundamentals such as large current account deficit and continued capital outflows too put pressure on the rupee. The rupee had lost 86 paise to close at Rs 64.11 after dipping to 64.54 against the dollar in the previous session. Meanwhile, the BSE benchmark Sensex fell 76 points, or 0.42 per cent, to 17,829.91 in early morning trade.