Rupee Slumps 16 Paise Against US Dollar, Hits New All Time Low of 71.37

At the Interbank Foreign Exchange, the rupee opened at a record low of 71.24 against the dollar and weakened further to trade at a fresh low of 71.37, down 16 paise due to an increased demand for the US currency.

The Indian Rupee has slumped against the dollar to an all-time low to trade at 71.37

Mumbai: The rupee slumped 16 paise against the dollar to trade at a life-time low of 71.37 on strong demand for the US currency, on Saturday.

At the Interbank Foreign Exchange, the local currency opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.37, down 16 paise.

Forex dealers said that besides strong demand for the American currency from importers, capital outflows too weighed in on the domestic currency.

The dollar strengthened against some currencies overseas as investors bid up safe haven assets amid tensions over global trade and strains in emerging market currencies.

A sharp rally in global crude prices further dampened the overall trading sentiment.

Benchmark Brent crude oil was trading at $78.05 a barrel.

Yesterday, the rupee had lost 21 paise, to close at an all-time low of 71.21 against the US dollar.

Meanwhile, the BSE Sensex fell by 7.60 points, or 0.01%, to 38,304.92 points in early trade.

Foreign institutional investors sold shares worth a net of Rs 21.13 crore on Monday, as per provisional data.