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The rupee dropped to a record low of 72.18, dropping 45 pence against the US dollar as demand for the US currency rose sharply against importers as the greenback strengthened against other currencies. 39; abroad.
In the interbank foreign exchange market (Forex), the local currency reached a record low of $ 72.15 compared to its previous close of 71.73 and slipped to a new low of 72.18, down 45 pence. He had surpassed his record low of 72.11 on 6 September.
Foreign exchange traders said that in addition to the strong demand for the US dollar, importers' purchases, mainly from oil refiners due to higher crude oil prices and capital outflows, weighed on the national currency.
In addition, the strength of the dollar against its currencies competing abroad, in a climate of fear of a possible escalation of the Sino-US trade conflict, also exerted pressure on the rupee.
The rupee made a recovery on Friday to close up 26 pence to 71.73 after a heavy intervention by the Reserve Bank of India.
Meanwhile, the BSE Sensex fell 85.01 points, or 0.22%, to 38 304.81 in trade opening.
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