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Rupee slides again, hits fresh record low of 74.46

Business Standard India
Rupee slides again, hits fresh record low of 74.46

The rupee on Thursday plunged 25 paise to hit a fresh new low of 74.46 against the US dollar in the opening trade. The domestic currency snapped its six-session losing streak to end 18 paise higher at 74.21 on Wednesday after the American currency weakened overseas. Traders said RBI's decision to inject Rs 120 billion liquidity into the economy through the purchase of government bonds on October 11 to meet the festival season demand for funds supported the recovery in rupee. However, the sentiment once again dented on Thursday, owing to weak global cues. FIIs (Foreign institutional investors) have been net sellers to the more than Rs 16,536 crore in October 2018. On the global front, Asian share