<p class="title">The rupee collapsed to a lifetime low of 70.52 by plunging 42 paise against the dollar on Wednesday on strong month-end demand for the American currency amid foreign fund outflows.</p>.<p class="bodytext">Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.</p>.<p class="bodytext">At the interbank foreign exchange market, the rupee opened lower at 70.32 a dollar against 70.10 previously and dropped further to a new low of 70.52 in late morning deals, down by 42 paise.</p>.<p class="bodytext">Furthermore, dollar's strength against some currencies overseas also put pressure on the rupee, dealers said.</p>.<p class="bodytext">Overseas, the US dollar inched higher against basket of currencies in early Asian trade, after dipping to a four-week low overnight. Relief over the US-Mexico trade deal was dimmed by concerns that the China-US trade war will drag on for some time.</p>.<p class="bodytext">A sharp surge in trade deficit too impacted the rupee. Trade deficit soared to a near five-year high of USD 18 billion.</p>.<p class="bodytext">Yesterday, the local currency had bounced back in a tepid fashion from the record closing low, gaining 6 paise to end at 70.10 against the US currency.</p>.<p class="bodytext">Meanwhile, the 30-share BSE Sensex, after hitting an all-time record high of 38,989.65 in early trade, slipped into the negative zone by falling 53.84 points, or 0.12 per cent, to 38,842.79 at 1130 hours.</p>
<p class="title">The rupee collapsed to a lifetime low of 70.52 by plunging 42 paise against the dollar on Wednesday on strong month-end demand for the American currency amid foreign fund outflows.</p>.<p class="bodytext">Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.</p>.<p class="bodytext">At the interbank foreign exchange market, the rupee opened lower at 70.32 a dollar against 70.10 previously and dropped further to a new low of 70.52 in late morning deals, down by 42 paise.</p>.<p class="bodytext">Furthermore, dollar's strength against some currencies overseas also put pressure on the rupee, dealers said.</p>.<p class="bodytext">Overseas, the US dollar inched higher against basket of currencies in early Asian trade, after dipping to a four-week low overnight. Relief over the US-Mexico trade deal was dimmed by concerns that the China-US trade war will drag on for some time.</p>.<p class="bodytext">A sharp surge in trade deficit too impacted the rupee. Trade deficit soared to a near five-year high of USD 18 billion.</p>.<p class="bodytext">Yesterday, the local currency had bounced back in a tepid fashion from the record closing low, gaining 6 paise to end at 70.10 against the US currency.</p>.<p class="bodytext">Meanwhile, the 30-share BSE Sensex, after hitting an all-time record high of 38,989.65 in early trade, slipped into the negative zone by falling 53.84 points, or 0.12 per cent, to 38,842.79 at 1130 hours.</p>