Rupee hits a new low of 74.48 against dollar

The Indian rupee extended losses to hit an all-time low of 74.48 against the US dollar today reversing the previous day’s gains that ended as the currency started its losing streak on Wednesday after a brief interval.

The rupee opened trading lower at 74.35 a dollar, down 16 paise from yesterday’s close of 74.21 a dollar and slipped further to quote a lifetime low of 74.48, down 0.4 per cent against the US dollar.   
On Wednesday, the rupee closed 18 paise higher against the dollar at 74.21 after snapping a six-session losing streak. At 3.22pm, the rupee was trading at 74.19 a dollar, up 0.26% from its Tuesday’s close of 74.39.
The benchmark 10-year bond yield was down 3 basis points. In opening trade, the S&P BSE Sensex sunk as much as 1,037.36 points.
Strong demand for the American currency from importers amid unabated foreign fund outflows and sharp losses in the domestic equity market hurt the sentiment. Concerns of fears of rising fiscal deficit also weighed on the domestic currency, a Press Trust of India (PTI) report quoted forex dealers as saying.
So far this year, the rupee has declined 14 per cent, while foreign investors have sold $3.58 billion and $7.55 billion in the equity and debt markets, respectively.