Business

Rupee falls past 72.50 vs dollar for the first time

Rupee falls past 72.50 vs dollar for the first time: The rupee on Monday hit another record low of 72.25 against the dollarNSE -1.37 % in early trade on account of sustained buying of the American currency by banks and importers. The local currency opened 36 paise down at 72.10 against the greenback. The dollar inched higher against a basket of currencies on Monday following robust US August jobs data and amid fears of a potential.

The rupee collapsed to hit a new low of 72.48 against the US dollar, falling 75 paise in late morning deals on Monday, reported news agency Press Trust of India (PTI). The fall in the rupee is due to strong demand for the US currency from importers as the greenback strengthened against other currencies overseas on upbeat US jobs data, forex dealers were quoted as saying in a report by PTI. The domestic currency opened at record low of 72.15 a dollar from its previous close of 71.73. It breached its previous record low of 72.11 hit on September 6.

Meanwhile, domestic equity markets opened in red following subdued global cues. The BSE Sensex was trading 90 points, or 0.23 per cent, down at 38,300 at around 9.20 am (IST), while the NSE Nifty index was down 30.95 points, or 0.27 per cent, at 11,558 at around the same time.