The rupee hit another all-time low during early trade on Thursday against the dollar as it touched 74.50 after opening weaker at 74.38. On October 10, rupee snapped 6 continuous session of loss to gain 19 paisa. It has closed at 74.20 a dollar.
In 2018, the rupee weakened over 16% against the dollar which is the worst performing currency in Asia.
Apart from widening current account deficit, RBI's recent statement that its primary focus is to control inflation and the exchange rate is determined by demand and supply has accentuated the currency's fall.
PTI adds...
The rupee against the U.S. dollar on strong demand for the American currency from importers amid unabated foreign fund outflows and a sharp losses in the domestic equity market.
Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows weighed on the domestic currency.
Foreign institutional investors (FIIs) sold shares net worth a net of ₹1,096 crore on Wednesday, provisional data showed.
Investors remained concerned over sustained foreign capital outflows.
Meanwhile, the BSE benchmark Sensex crashed 1,030.40 points, or 2.95%, to hit 33,730.49 in opening trade.
