Rupee slides; tests 72-mark for first time since Nov

The slide of Indian rupee continued against the US dollar as it crashed below the 72-mark for the first time since November last year.

The domestic currency opened 15 paise lower in the Interbank Forex Markets at 71.97 against the greenback, as the unabated outflow of foreign investors from Indian markets continued.

The rupee continued to depreciate further and touched the mark of 72.03 against the American currency.

Today, the focus will be on Fed Chairman's comments at the Jackson Hole Symposium. He is likely to nod to the possibility that trade tensions, which have escalated, may worsen the global economic slowdown and ultimately make more US rate cuts necessary.

The rupee on Thursday plunged 26 paise to 71.81 against the greenback.

Till now, in August, the rupee has depreciated 4.77% against the US dollar.

The higher surcharge on the ‘super rich’ in the budget, and lack of fiscal stimulus has triggered the sell-off by FIIs in Indian markets.