Rupee at new record low, breaches 74 against dollar

Rupee's new historic low came immediately after the Reserve Bank kept its key policy rate unchanged.

Rupee at new record low, breaches 74 against dollar

New Delhi: The Indian rupee Friday breached the 74 mark for the first time ever.

Rupee's new historic low came immediately after the Reserve Bank kept its key policy rate unchanged by quoting 55 paise lower at 74.13 against the dollar.

Investors remained concerned over sustained foreign capital outflows and fears of widening current account deficit in the wake of soaring crude oil prices.

At the Interbank Foreign Exchange (Forex) market, the local currency opened higher at 73.56 a dollar against its previous record low closing of 73.58. But, it failed to sustain the initial strength and fell back to breach the 74-mark.

On Thursday, the domestic unit plummeted by 24 paise to end at record low of 73.58 a dollar.

The BSE Sensex too plunged 443.41 points or 1.26 percent while the NSE Nifty fell 154.15 points or 1.4 percent to 10,445.10 after RBI's  fourth bi-monthly monetary policy announcement.

By continuing to use the site, you agree to the use of cookies. You can find out more by clicking this link

Close