Rupee hits fresh record low of 70.82 against US dollar

India Rupee

Mumbai, Aug 30: The Indian rupee plunged to a fresh record low of 70.82 against US dollar during the morning trade session on Thursday.

At the Interbank Foreign Exchange (Forex) market, the local currency opened a tad higher at 70.57 a dollar from its previous close of 70.59 but slipped to hit a fresh low of 70.82, down by 23 paise.

On Wednesday, the rupee closed at a historic low of 70.59 after it plunged to all-time low of 70.65 on the back month-end dollar demand from importers and foreign capital outflows.

Read More: Rupee hits record low of 70.55 against dollar

According to analysts, the 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 news agency IANS.

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