Indian Rupee sinks to new low of 72.91, drops 22 paise against USD

NEW DELHI: The Indian rupee of Wednesday collapsed to a lifetime low of 72.91 against the dollar at the interbank foreign exchange market.nnThe domestic currency was quoting 22 paise lower at a fresh record low of 72.91 against the US dollar in morning trade amid surging crude oil prices and uanabated foreign fund outflows.nnEscalating trade war concerns, consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure, dealers said.nnOn Tuesday, after scaling a historic low of 72.74, the local unit, finally settled day at 72.69, showing a loss of 24 paise, or 0.33 per cent.nnBrent crude gained 0.35 per cent to quote at USD 79.34 a barrel. It had surged over 2 per cent in Tuesday’s trade.nnSentiment was also hurt by sustained capital outflows, they added.nnMeanwhile, the benchmark Sensex was up by 133.29 points, or 0.35 per cent, to 37,546.42 in the opening deals.nnSource: Press Trust of India