NEW DELHI – The Indian rupee on Thursday slumped further to an all-time low of 73.77 against the U.S. dollar.
“Indian rupee plunged to a fresh record low of 73.77 against the stronger U.S. dollar during the early morning trade,” a market analyst said. “It is because of the higher oil prices that weigh on the sentiment.”
On Wednesday the rupee slipped to a low of 73.42 per dollar as crude oil prices breached the 85 U.S. dollars per barrel mark, leading to huge outflows of cash.
The Indian currency has been on the downward trajectory for quite some time and is not showing any significant sign of rebound.
Analysts attribute the collapsing of the rupee to the weak global trade sentiment, rising crude oil prices and higher demand for the U.S. dollars.
Last month India’s Finance Minister Arun Jaitley attributed the weakening of rupee against the dollar to global reasons and said there were virtually no domestic reasons.
