Rupee ends Monday at fresh low of 74.07 to U.S. dollar

So far this year the rupee has declined 13.6%. Foreign investors have sold $3.42 billion and $7.25 billion in the equity and debt markets respectively

Forex dealers said the dollar's strength against major global currencies weighed on the rupee sentiment. The rupee fell 0.4 percent Tuesday to a record low of 74.3950 per dollar.

Mumbai: The rupee dropped by another 14 paise to 73.90 per dollar in early trade Monday as the U.S. currency gained in global markets amid unabated foreign fund outflows. The government has raised import tariffs while the central bank allowed companies to raise more money overseas and eased norms for foreign investment in local bonds though those efforts haven't stopped the rupee's slide.

On October 8, the domestic unit plummeted by 30 paise to close at 74.06.

Besides, foreign fund outflows also seemed to have the rupee.

In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 9,522.44 crore during the week ended October 5.

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

"The balance of payments (BoP) turning negative has led to a sharp depreciation in rupee in the past two months".

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.

The Reserve Bank of India's (RBI) stance, along with an expected hike in the U.S. lending rates and high crude oil prices are expected to further exert pressure on the Indian rupee in the coming week, experts say.

"Interest rates are headed higher in the US". Fears that global investors will withdraw their funds from global markets and park in United States treasuries is affecting the global markets. The risk of a widening current-account deficit left the rupee vulnerable to the rout in emerging markets amid surging oil prices, trade tensions and rising USA interest rates.


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