India Rupee falls 16 paise to record low of 77.60 against USD
Mumbai, May 18 (PTI) The rupee on Wednesday declined by 16 paise to close at its fresh lifetime low of 77.60 against the US dollar amid unabated foreign fund outflows and a stronger greenback in overseas markets.
At the interbank foreign exchange market, the rupee opened lower at 77.57 and later hit the day's low of 77.61 as the dollar rebounded in global markets following hawkish comments from US Federal Reserve chief Jerome Powell.
Crude oil prices also surged over 1 per cent, which weighed on the rupee.