Indian Rupee hits historic low against US dollar

Indian Rupee hits historic low against US dollar
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NEW DELHI - The Indian Rupee hit a historic low of 71 against the US dollar.

The Rupee fell 22 paise in morning trade at 70.95 per dollar versus Thursday's close of 70.74.

The downward trend followed a strong demand for the greenback from oil importers and surging crude oil prices stoking inflation fears.

Growing fears about rising inflation in the midst of high global crude oil prices and consistent outflow of foreign funds from the domestic equity market also weighed down on the domestic currency.

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