RTTN:Indian Rupee Slumps To New Record Low Against U.S. Dollar
The Indian rupee sank against the U.S. dollar in early deals on Tuesday amid a fall in regional stocks and sustained dollar demand.
The benchmark BSE Sensex is currently down 213.24 points or 1.10 percent at 19,227, while the broader Nifty index is at 5,816, down 62.05 points or 1.06 percent from its previous close.
The rupee witnessed selling pressure in the past few weeks, worsening country's record high current account deficit. The rupee depreciation will also make imports expensive and upset the easing inflation trajectory, reducing the elbow room for the Reserve Bank of India to cut interest rates.
The rupee crossed key 58 mark against the greenback, touching an all-time low of 58.9025. The rupee thus lost 1.28 percent from Monday's close of 58.1555.
