Rupee hits new low of 72.12, plunges 37 paise against US dollar

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Mumbai: The Indian rupee Thursday crashed below the 72-level for the first time ever on persistent global headwinds and concerns on macroeconomic front.

The domestic currency was quoted 37 paise lower at 72.12 against the US dollar in afternoon trade.

Investors remained concerned over sustained foreign capital outflows and widening current account deficit in the wake of soaring crude oil prices. At the Interbank Foreign Exchange (Forex) market, the local currency opened higher at 71.67 a dollar against its previous record closing of 71.75, but failed to sustain initial strength and fell back to breach the 72-mark.

The rupee’s unabated fall continued for the sixth straight session Wednesday, hitting yet another closing low of 71.75, down 17 paise against the US currency.

On Wednesday, the domestic unit plummeted to a historic low of 71.97 a dollar in intraday trade before finding some respite.

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