Rupee hits new low, falls 14 paise to 77.69 per US dollar

Rupee


New Delhi, May 17 : The Indian currency rupee touched yet another all-time low against the US dollar earlier this morning. The rupee fell 14 paise to 77.69 per US dollar. Money market participants are currently closely watching the domestic share market for clues to fund flows. An expectation of tightening monetary policy rates in the US also weighed on the rupee as any rate hike in the advanced markets typically follows with fund outflows from the emerging markets in order to accumulate higher returns. Rupee has been under-pressure after the global central banks started the normalising policy and last week RBI too started raising key interest rates. Besides, the rupee weakened on account of a surge in the global crude oil prices. /IANS




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