Rupee drops 43p, hits new low of 73.77 against USD
What's the story
The rupee collapsed to a fresh low of 73.77 against the USD today, as global oil prices continued to rise. Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure. At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a USD against 73.34, a fall of 43p.
Details
Sensex sinks by nearly 530 points in morning deals
The rupee closed at a record low of 73.34, down by 43p or 0.59% yesterday. Meanwhile, state-owned oil marketing companies have been allowed to raise $10bn from the overseas market to meet working capital needs. The international benchmark Brent crude breached the $86 per barrel level, nearly its four-year high. The benchmark Sensex plunged by 527.94 points, or 1.39%, to 35,447.69 in morning deals.