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The rupee registered a fresh all-time closing low of 71 against the US dollar. That also marked the life-time low touched at the lowest point during the session. Continued demand for the US currency amid rising crude oil prices dragged the rupee to fresh record lows. The rupee has depreciated more than 10 per cent so far this year.
State Bank of India (SBI) said the rupee is overvalued and there is no need to panic.
The rupee has been the worst among large emerging market peers, losing over 10 per cent from the beginning of the year.
"You need to look at what's happening globally.Argentina, Indonesia...most of the currencies are losing against the dollar. In fact, the fall of the rupee against thedollar has been much lesser compared to most other currencies," SBI managing director PK Gupta said.
The rupee had closed at 70.74 against the American currency the previous day.
Concerns about rising inflation on the back of high global crude prices and consistent selling by foreign funds from the equity markets also weighed on the rupee.
(With inputs from PTI)
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