NEW DELHI – The Indian Rupee hit a historic low of 71 against the USdollar.
The Rupee fell 22 paise in morning trade at 70.95 per dollar versusThursday’s close of 70.74.
The downward trend followed a strong demand for the greenback from oilimporters and surging crude oil prices stoking inflation fears.
Growing fears about rising inflation in the midst of high global crude oilprices and consistent outflow of foreign funds from the domestic equitymarket also weighed down on the domestic currency.