The rupee continued its downward slide against the US dollar on Thursday, falling to a new record low in opening trade at 70.68 per US dollar.
At 9.29 am, the partially convertible rupee was trading 18 paise or 0.27% lower than Wednesday’s close at 70.77 against the US dollar. Intra-day, however, the rupee fell as low as 70.80 against the US dollar at 9.18 am.
At the Interbank Foreign Exchange (Forex) market, the local currency opened a tad higher at 70.57 a dollar from its previous close of 70.59 but slipped to hit a fresh low of 70.82, down by 23 paise.
Forex dealers said besides strong month-end demand for the American currency, buying by importers, mainly oil refiners in view of surging crude oil prices and capital outflows, weighed on the domestic currency.
Furthermore, the dollar strength against its rival currencies overseas too put pressure on the rupee, they said. Meanwhile, the BSE Sensex recovered by 96.13 points, or 0.24%, to 38,819.06 in early trade.