The rupee on Monday fell by a whopping 71 paise to hit a new lifetime low of 57.77 in the late morning trade on persistent dollar demand from importers and banks amid the US currency gaining overseas.

The rupee resumed lower at 57.18 against the dollar as against the last weekend’s level of 57.06 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to an all-time low of 57.77 per dollar.

This crosses its lifetime closing low level of 57.32 touched in June-end in 2012.

However, it recovered slightly to 57.60 per dollar at 11.00 hrs (IST), showing a loss of 54 paise from its last weekend’s level.

Persistent dollar demand from importers and banks due to higher dollar in the international market mainly affected the rupee value against the dollar, a forex dealer said.

In the global market, the Japanese yen slipped in the early trade a day ahead of a central bank decision, while lacklustre Chinese economic data pushed the Australian dollar lower as well.

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