Rupee hits new low of 74.13, plunges 55 paise against US Dollar

For the first time, the Indian Rupee on Friday plunged below the 74-level against the US Dollar ever since the Reserve Bank kept its key policy rate unchanged. The Indian currency fell 55 paise lower at 74.13 against the US currency as the RBI announced its monetary policy.

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Sustained foreign capital outflows and fears of widening current account deficit in the wake of soaring crude oil prices continue to trouble investors.

At the Interbank Foreign Exchange (Forex) market, the local currency opened higher at 73.56 a dollar against its previous record low closing of 73.58. But, it failed to sustain the initial strength and fell back to breach the 74-mark.

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On Thursday, Rupee fell by 24 paise to end the day at record low of 73.58 a dollar.

The BSE Sensex too plunged by 584.53 points, or 1.66 per cent, to 34,584.63 in late afternoon trade.

(With PTI inputs)