The rupee hit an all-time low of 74.45 against the US dollar falling 24 paise on Thursday morning. The reasons for this are being attributed to the sharp losses in the domestic equity markets and the high demand for the greenback currency from importers amid unabated foreign fund outflows.
The Indian currency opened at 74.37 against the American currency at the forex.
As quoted by news agency PTI, Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows weighed on the domestic currency.
On Tuesday, the rupee tumbled 33 paise to finish at a fresh lifetime low of 74.39 against the US dollar.
Meanwhile, the BSE benchmark Sensex crashed over 1,000 points and Nifty traded below 10,200 points in early opening trade on Thursday.