Rupee slumps to close at record low against UAE dirham

The rupee had touched a life-time low of 74.23 on Friday

Mumbai: The rupee dropped by another 14 paise to 73.90 per dollar in early trade Monday as the USA currency gained in global markets amid unabated foreign fund outflows. The rupee closed lower against the dollar for the sixth session in a row.

"However, the impact of falling crude was not seen on the rupee mainly due to strong dollar index and high US bond yield", said V.K. Sharma, head, private client group and capital market strategy at HDFC Securities.

"The RBI's response to these unsettled conditions has been to ensure that the foreign exchange market remains liquid with no undue volatility", the central bank had said.

Foreign institutional investors (FIIs) sold shares worth a net of Rs 1,805 crore, provisional data showed.

Demand for dollar strengthened after China's central bank made a decision to cut reserve requirement ratio by 1% from October 15 which would infuse $ 109.2 billion into the banking system.

Investors remained concerned over sustained foreign capital outflows and rise in crude oil price to $84.48.

Forex dealers said besides strong demand for the American currency from importers, concerns rising fiscal deficit and capital outflows weighed on the domestic currency.

India is seeking to boost flows to support its currency that has declined more than 14 percent against the dollar this year, Asia's worst performer.

Traders said rising crude oil prices and higher United States bonds yields resulted in weak Indian currency. Fears that global investors will withdraw their funds from global markets and park in U.S. treasuries is affecting the global markets. A surge in crude oil prices and strength in the American currency overseas pulled the rupee lower.

Meanwhile, the benchmark BSE Sensex continued to fall, losing another 67.72 points, or 0.20 percent, to 34,309.27 in early trade Monday.

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