Chandigarh: The Indian rupee nosedived to a new lifetime low of 71.37 on Tuesday, shedding 16 paise against the US dollar. The domestic currency has fallen around 11 per cent against the greenback since the last one year, making it one of the worst performing Asian currencies.
Rupee’s near-continuous slide against the dollar has been unrelenting. At the Interbank Foreign Exchange, the local currency opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.37. Analysts expect it to hit the 72 level per dollar if the strong demand for the greenback persists coupled with soaring oil prices.