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Rupee hits record low of 73 per dollar for first time

The Indian rupee fell to a record low against the US dollar on Wednesday amid rising redemption pressure from foreign portfolio investors and rising crude oil prices. The Indian currency fell as much as 0.60 per cent to an all-time low of 73.34 against the US dollar. The rupee opened lower at 73.26 and weakened further to trade at 73.34 a dollar compared its previous closing of 72.91 on Monday. Some analysts also believe that hopes of another 25 basis points rate hike from the RBI has already been factored in and is leading to the fall in rupee.

The RBI will announce its repo rate decision on Friday. Also, a sharp rise in global crude oil prices over the last two sessions crossed $85 per barrel mark earlier in the week. Foreign institutional investors continued to sell Indian shares and bonds. On Monday, they sold shares worth of Rs 1,842 crore, as per provisional data provided by exchanges. 

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