Rupee hits a new low of 74.27 against dollar

The rupee plunged to a new low of 74.27 on Tuesday afternoon falling 21 paise against the dollar after Brent crude breached the $84 a barrel-mark and the greenback strengthened.

This erased the 18 paise recovery that the Indian currency had made from Monday’s close of Rs 74.06.

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The rupee broke previous record low (intra-day) of 74.23 reached on October 5. Foreign institutional investors (FIIs) sold shares net worth a net of Rs 1,805 crore Monday, provisional data showed.

On Tuesday morning, the rupee made a cautious recovery of 18 paise to 73.88 against the US dollar on fresh selling of the American currency by banks and exporters. Besides, the dollar’s overseas weakness, easing global crude oil price and higher opening in the domestic stock market supported recovery in the domestic unit, traders said.

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At the forex market, the local currency was trading 18 paise higher at 73.88 in early trade.

(With agency inputs)