Business

Rupee Sinks To New Low Of 74.48 Against US Dollar

Written by Taasir

Taasir Urdu News Network | Uploaded on 11-October-2018

The rupee extended its losses to hit an all-time low of 74.48 against the US dollar on Thursday, reported news agency Reuters. It opened weak at 74.37 and slipped further to quote a lifetime low of 74.48, down 0.4 per cent against the US dollar.

On Wednesday, the rupee closed 18 paise higher against the dollar at 74.21 after snapping a six-session losing streak.

Strong demand for the American currency from importers amid unabated foreign fund outflows and a sharp losses in the domestic equity market hurt the sentiment. Concerns of fears of rising fiscal deficit also weighed on the domestic currency, a Press Trust of India (PTI) report quoted forex dealers as saying.

The benchmark 10-year bond yield was down 3 basis points on the day at 8 per cent, according to Reuters.

In opening trade, the S&P BSE Sensex sank as much as 1,037.36 points and the Nifty50 cracked below 10,150.

About the author

Taasir