The fall of Indian Rupee continued on Wednesday as it plunged to a fresh record low of 71.79 against a US dollar during the morning trade session. The Rupee fall of 21 paise in late morning deals was attributed to sudden bouts of dollar-buying by banks and importers.
It opened the day’s trade at the Inter-Bank Foreign Exchange Market at 71.44 to a dollar from its previous close of 71.58 to a greenback.
At the time of writing this report, Rupee was trading on a volatile note, moving between in a wide range of 71.40 and 71.79 during morning deals.
“Rupee’s speculative demand is causing volatility amid crisis in the emerging market currencies and consistent rise in the crude oil prices,” PTI quoted a dealer as saying.
The dollar strengthened against several currencies overseas amid a lingering threat of escalation in the US-China trade conflict.
Meanwhile, the 30-share BSE Sensex was modestly lower by 29.83 points or 0.08 per cent at 38,128.09 at 1100 hrs.
On the other hand, Nifty at the National Stock Exchange (NSE) opened at 11,514.85 points after closing at 11,520.30 points.
(With agency inputs)