The rupee on Thursday weakened by 24 paise to hit another low of 74.45 against the US dollar on strong demand for the American currency from importers amid unabated foreign fund outflows and a sharp losses in the domestic equity market.
The rupee on Thursday weakened by 24 paise to hit another low of 74.45 against the US dollar on strong demand for the American currency from importers amid unabated foreign fund outflows and a sharp losses in the domestic equity market.
At the Interbank Foreign Exchange (forex) market, the domestic currency opened weak at 74.37 and slipped further to quote at an all-time low of 74.45, depreciating 24 paise against the US dollar in the early trade.
Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows weighed on the domestic currency.
On Wednesday, the rupee snapped its six-session losing streak to end 18 paise higher at 74.21 against the US dollar after the American currency weakened overseas.
Foreign institutional investors (FIIs) sold shares net worth a net of Rs 1,096 crore Wednesday, provisional data showed.
Investors remained concerned over sustained foreign capital outflows.
Meanwhile, to curb the constant falling of Indian Rupee, Modi government is mulling over to involve NRIs. According to a Bloomberg report, the Centre might tap Indians living overseas to lure foreign exchange flows and prop up a sagging rupee. Citing sources, the report claimed that finance ministry and RBI officials are in discussions to chalk out the plan to raise money from NRIs.
The announcement for the same might come later this month, the report claimed.
Indian Rupee has been declined mor ethan 14 percent and has been among Asia's worst peformer. On Tuesday, the rupee fell 0.4 per cent to a record low of 74.3950 per dollar.
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 "Rupee hits new low, falls 24 paise against US dollar")
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