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Rupee crashes to all-time low of 73.81

The rupee on Thursday crashed to a historic low of 73.81 to the dollar due to the twin-impact of capital outflows triggered by surging US Treasury yields and crude oil prices racing to a four-year high.

The rupee opened on a weak note at 73.72 against the previous close of 73.34 per dollar. It slid to an all-time low of 73.81 per dollar due to rising crude prices and reports that the RBI “cannot afford” a special swap window for oil importers to meet the dollar demand.

The domestic currency closed at a record low of 73.58, down by 24 paise or 0.33 per cent, marking its third straight session of losses. The rupee has lost 110 paise or 1.51 per cent in the three sessions since Monday largely due to strong demand dollar demand from oil importers amid firming oil prices and foreign capital outflows.