Rupee opens at fresh record low, quoting at 72.91 vs dollar

New Delhi: Rupee opened at fresh record low against the US dollar on Wednesday. At 9.25 am the Indian currency dropped 22 paise to a lifetime low of 72.91 against the dollar at the interbank foreign exchange market.

Surging crude oil prices, uanabated foreign fund outflows and escalating trade war concerns kept the rupee under pressure, dealers said.

On Tuesday, after scaling a historic low of 72.74, the local unit, finally settled day at 72.69, showing a loss of 24 paise, or 0.33 percent.

Brent crude gained 0.35 percent to quote at USD 79.34 a barrel. It had surged over 2 percent in Tuesday's trade.

Moody's Investors Service on Monday said that sustained weakening of the rupee is credit negative for Indian companies which generate revenue in rupees but rely on US dollar debt to fund their operations.

The Indian rupee has depreciated 13 percent so far in 2018 and touched a historic low of Rs 72.67 to a dollar Monday before a rebound on strong intervention of the Reserve Bank.

With PTI Inputs