Unprecedented fall of the rupee sees it close at 20.07 against dirham

Unprecedented fall of the rupee sees it close at 20.07 against dirham

On Thursday, the Indian rupee slumped to new lows while closing at 73.77 against the dollar. The further fall of the currency was accentuated by factors such as steadily rising oil prices, anxieties about the current account deficit and capital outflows. The higher crude oil prices also kept the rupee on its toes with importers demanding dollars.

Against the UAE dirham, the rupee closed at 20.07 at 8.15 am UAE time. To keep in tune with the working capital needs, state-owned oil marketing companies have been permitted to raise $ 10 billion from the foreign markets. The domestic currency, meanwhile, was down by 43 paise or 0.59 per cent on Wednesday.

The benchmark sensex also sunk low by 527.94 points or 1.39 per cent, to 35,447.69 in the deals that were made in the morning hours. Meanwhile, the international benchmark Brent crude exceeded the US 86 per barrel level in a four year high.