Indian Rupee declines to 72.91 against USD
The Indian rupee Wednesday declined to a lifetime low as it hit 72.91 against U.S. dollar for the first time.
"The Indian rupee today plunged to a fresh record low of 72.91 against U.S. dollar," a market analyst said. "Today in the morning trade it opened at a low of 72.78 per dollar, against the previous close 72.69."
The Indian rupee breached the key level of 72 for the first time last week.
The Indian currency has been on downward trajectory for quite sometime and is not showing any significant sign of rebound.
Reports said the Indian currency has been one of the worst performers in the Asian region, losing nearly 13 percent this year.
The weak global trade sentiment, rising crude oil prices and higher demand for the U.S. dollar has pulled the value of the rupee.
Last week, India's finance minister Arun Jaitley attributed the weakening of rupee against the dollar to global reasons and said there were virtually no domestic reasons.