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MUMBAI: The rupee on Tuesday continued its fall and plunged to a new record closing of 74.39 against the US currency. The Indian currency finished at new low amid rising crude oil price, which crossed the $84-mark today, and strong dollar demand.
Investors remained concerned over sustained foreign capital outflows and rise in crude oil price.
Forex dealers said besides strong demand for the American currency from importers, concerns rising fiscal deficit and capital outflows weighed on the domestic currency.
Meanwhile, the BSE benchmark Sensex dropped by 175 points, or 0.51 per cent, to close at 34,299 and the broader NSE Nifty also finished in red at 10,301.
(With PTI inputs)
On Monday, the rupee had for the first time breached the 74-mark to close at 74.06.
At the forex market, the domestic unit today opened higher at 73.93 and advanced to 73.88 on fresh selling by exporters amid weakness in dollar against some currencies overseas.
However, the currency erased all its morning gains in afternoon trade. Moreover, unabated foreign fund outflows weighed on the rupee, traders said.
Investors remained concerned over sustained foreign capital outflows and rise in crude oil price.
Forex dealers said besides strong demand for the American currency from importers, concerns rising fiscal deficit and capital outflows weighed on the domestic currency.
Meanwhile, the BSE benchmark Sensex dropped by 175 points, or 0.51 per cent, to close at 34,299 and the broader NSE Nifty also finished in red at 10,301.
(With PTI inputs)
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