Rupee falls 17p to a new low of 85.91 against US dollar

The rupee extended its slide for the second straight session and declined 17 paise to hit a fresh record low of 85.91 against the US dollar on Wednesday amid higher crude oil prices and stronger American currency.

- PTI

The rupee extended its slide for the second straight session and declined 17 paise to hit a fresh record low of 85.91 against the US dollar on Wednesday amid higher crude oil prices and stronger American currency. Lacklustre sentiment in domestic equity markets and sustained outflow of foreign funds also played spoilsport even as investors stayed cautious over lower economic growth projection by the government, forex analysts said.

At the interbank foreign exchange, the rupee opened at 85.82 and lost further ground to finally settle at 85.91 against the dollar, 17 paise lower than its previous close.

On Tuesday, the rupee settled with a loss of 6 paise at 85.74 against the dollar.