Indian Rupee continued its free fall on Thursday August 30. The currency weekend by another 23 paise against the dollar to trade at a life-time low of 70.82 on strong month-end demand for the US currency amid sustained foreign fund outflows.
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.
Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure, dealers said. Furthermore, the dollar strength against its rival currencies overseas too put pressure on the rupee, they said.
Also read: Despite falling rupee, India in exceptional period of stability: Finance Ministry official
The rupee had recorded a steep fall of 49 paise, to close at record low of 70.59 against the dollar in the previous session. Meanwhile, the BSE Sensex recovered by 96.13 points, or 0.24 per cent, to 38,819.06 in early trade.