The Indian rupee’s fall continued for the sixth straight session on Wednesday, hitting yet another closing low of 71.75, down 17 paise against the US currency as surging oil prices and weak trend in emerging market currencies weighed on sentiments. At the inter-bank forex market, the rupee resumed higher at 71.40 against the overnight close of 71.58 on fresh bouts of dollar selling by state-run banks.
It strengthened to 71.37 a dollar in late morning deals before collapsing to historic lows on panic dollar buying. After hitting a fresh record lowof 71.97, the rupee managed to pull back before ending at 71.75, showing a fall of 17 paise, or 0.24 per cent.