Rupee falls to new record low at 70.59 against USD


Mumbai, The Rupee on Wednesday fell heavily down by 49 paise to 70.59 a new record low against the US dollar on strong month-end demand for the American currency amid foreign fund outflows, dealers said. Brisk dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure. In opening trade, the local unit dropped by 21 paise to 70.31. Till the end of the session, it further lost ground by 49 paise to 70.59 as compared to its last close. A major fluctuation was seen during the day as it registered day high and low at 70.64 and 70.23 respectively. Firm dollar against other world currencies and weak equity market kept the Rupee down, they added.