Rupee Continues Its Downward Slump; Reaches 71.37 TODAY

On Monday, Indian Rupee reached Rs. 71.21per Dollar. Keeping up the ‘downward’ trend steady, the Rupee falls yet again.

The rupee on Tuesday slumped 16 paise against the dollar to trade at a lifetime low of 71.37 on strong demand for the US currency.

At the Interbank Foreign Exchange, the local currency opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.37, down 16 paise.

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Forex dealers said besides strong demand for the American currency from importers, capital outflows too weighed on the domestic currency.

The dollar strengthened against some currencies overseas as investors bid up safe-haven assets amid tensions over global trade and strains in emerging market currencies.

On Monday, the rupee had lost 21 paise, to close at an all-time low of 71.21 against the US dollar.