Rupee hits fresh low at 72.48 against dollar

Congress workers raise slogans in Bengaluru. Pic/PTI

The rupee weakened further to hit a fresh low of 72.48 against the US currency, falling 75 paise in late morning deals Monday on rising crude oil prices, strengthening dollar and a widened current account deficit.

Earlier the rupee resumed slightly lower at 72.18 against last Friday's closing level of 71.73 a dollar at the Interbank Foreign Exchange here. The domestic unit witnessed intense volatility and traded between 72.07 and hit all-time low of 72.48 during morning deals.

India's current account deficit widened to $15.8 billion in April-June in value terms this year as against $15 billion in the same quarter of 2017-18, mainly due to a higher trade deficit, according to RBI data released on Friday. Domestic macro situation and the dollar's strength amid fear of currency crisis continued to spook the rupee, a dealer said.

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