The rupee plunged to a fresh low on Thursday by hitting 73.76 per dollar in the early trade.
The reason pointed out by experts is the sharp rise in oil prices and it may give more pressure on the currency. The rupee plunged to a fresh low on Thursday hitting 73.76 per dollar in the early trade as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows. The partially convertible rupee closed at 73.33 on Wednesday.
Amid fall in domestic currency, benchmark 10-year bond yields hit 8.20 percent in opening trade as against previous close of 8.11 percent. RBI has likely sold dollars through state-run banks at around 73.80 per dollar levels to prevent further slide in the currency, Reuters reported citing traders.(PenNews with input from UNI)