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Rupee falls 24 paise against USD

Prime News, National, Business, Mumbai, August 30:- The rupee on Thursday extended losses for the fourth consecutive session and plunged to an all-time intraday low against the US dollar on strong month-end dollar demand from oil importers and foreign fund outflows. The currency fell 24 paise to hit a new record low of Rs 70.83 per dollar.

On Wednesday, the rupee fell to an all-time low of Rs 70.65 per dollar intraday. It fell by 49 paise or 0.70 percent to close at a historic low of Rs 70.59 against the US currency.  Investors hit the panic button after reports highlighted risks of India breaching the 3.3 per cent fiscal deficit target for 2018/19.

Traders also reported hedging-related off take as importers rushed to pay forward premium. (Inputs: Agencies, NGB)

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