Indian Rupee drops 44 paise to hit new low of 73.77 against Dollar

NEW DELHI: The Indian rupee collapsed to a fresh low of 73.77 against the United States of America (USA) dollar on Thursday, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows.nnConsistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.nnMeanwhile, state-owned oil marketing companies have been allowed to raise USD 10 billion from overseas market to meet their working capital needs.nnAt the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.nnThe domestic currency closed at a record low of 73.34, down by 43 paise or 0.59 per cent on Wednesday.nnThe international benchmark Brent crude breached the US 86 per barrel level, near its four-year high.nnThe benchmark Sensex plunged by 527.94 points, or 1.39 per cent, to 35,447.69 in morning deals.nnSource: Press Trust of India