Rupee, pared all its morning gains to hit lifetime low of 74.27 against the US dollar in afternoon trade today, reported .
Brent, the international benchmark for crude oil breached the $84 a barrel-mark again and the American currency strengthened overseas. Unabated foreign fund outflows also weighed on the local currency, traders said.
The domestic unit today opened higher at 73.93 and advanced to 73.88 on fresh selling by exporters amid weakness in dollar against some currencies overseas. However, it turned weak and plunged to trade at a record low of 74.27.
Rupee broke previous intra-day record low of 74.23 reached on October 5. Foreign institutional investors (FIIs) sold shares net worth a net of Rs. 1,805 crore Monday, provisional data showed.
Investors remained concerned over sustained foreign capital outflows and rise in crude oil price to 84.48.
Forex dealers said besides strong demand for the American currency from importers, concerns rising fiscal deficit and capital outflows weighed on the domestic currency.>