The rupee hit an all-time low of 74.45 against the US dollar on Thursday, reported news agency Press Trust of India (PTI).
It opened weak at 74.37 and slipped further to quote a lifetime low of 74.45, depreciating 24 paise against the US dollar in early trade.On Wednesday, the rupee closed 18 paise higher against the dollar at 74.21 after snapping a six-session losing streak.Strong demand for the American currency from importers amid unabated foreign fund outflows and a sharp losses in the domestic equity market hurt the sentiment.
Concerns of fears of rising fiscal deficit also weighed on the domestic currency, the PTI report quoted forex dealers as saying.The benchmark 10-year bond yield was down 3 basis points on the day at 8 per cent, according to a report by news agency Reuters.In opening trade, the SP BSE Sensex sank as much as 1,037.36 points and the Nifty50 cracked below 10,150.(With agencies inputs)