Rupee has hit a new lifetime low of 73.77, after weakening 43 paise against the US dollar on Thursday. Rising global oil prices, deepening concerns about the current account deficit and capital outflows extended the rupee depreciation on Thursday.
Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.
Rupee had closed at a record low of 73.34, down by 43 paise or 0.59 per cent, on Wednesday.
The international benchmark Brent crude breached the $86-per barrel level, near its four-year high.
Meanwhile, the dollar as the US greenback notched an 11-month top on the yen on Thursday on the back of stunningly strong US economic data that drove Treasury yields to their highest since mid-2011. At the same time, rising borrowing costs pressured Asian stocks, including the Sensex and the Nifty, which were trading in red on Thursday.
The Sensex and the Nifty opened Thursday on a negative note. The benchmark Sensex plunged by 527.94 points, or 1.39 per cent, to 35,447.69 in morning deals, while the Nifty was down 156.75 points at 10,701.50.
The state-owned oil marketing companies have been allowed to raise $10 billion from overseas market to meet their working capital needs in light to depreciating rupee.
(With inputs from agencies)
