Rupee opens at fresh record low of 73.60 against dollar

New Delhi: The Indian Rupee opened at a fresh record low of 73.60 versus dollar against yesterday's closing lifetime low of 73.34. Minutes into the trading, the Indian currency plunged 43 paise to hit 73.77 against US dollar.

Yesterday, Rupee breached 73 mark against the dollar for the first time ever in opening deals amidst sharp rise in global crude oil prices resulting in strong demand for the American currency. The partially convertible rupee dropped 43 paise to hit 73.34 per dollar in early trade and it touched 73.41 intra-day.

The five-pronged strategy announced by the government to increase capital inflow into the country is unlikely to reverse the rupee depreciation, Moody's Investors Service had said last month.

Moody's, however, said that strong macroeconomic fundamentals will keep the credit risks of a weaker currency at bay.

The measures announced by the government on September 14 included removal of single-exposure limit of 20 percent on foreign portfolio investors for corporate bonds, lowering to one year from three years the minimum maturity on manufacturing firms' external commercial borrowings (ECBs) of up to USD 50 million.

With Agency Inputs