The rupee descended for the eighth consecutive session and ended 50 paise lower at its lowest-ever level of 96.70 against the US dollar on Tuesday, weighed down by soaring crude oil prices, persistent foreign capital outflows, and a resilient dollar buoyed by global risk-aversion. The rupee, Asia’s worst-performing currency, has lost Rs 2.48 or 2.64 per cent versus the greenback in the past eight sessions since the closing level of 94.22 recorded on May 7.
Forex traders attributed the domestic currency’s steep fall to rising crude oil prices.
