Mumbai, Aug 8: The rupee continued its southward sojourn and hit a new low of 45.74/76 on Tuesday. Opening the day at 45.57/59 from its last close at 45.55/56, the rupee went lower on good corporate and inter-bank demand for dollars.In fairly volatile trade at the interbank foreign exchange (forex) market, the rupee opened softer at Rs 45.56/59 and later moved down to intra-day lows of Rs 45.7450/7550, before settling at Rs 45.74/75 at the end of trading hours.
The rupee continued to remain under tremendous pressure owing to persistent heavy dollar demand from corporates and importers. This was despite the the Reserve Bank of India's aggressive moves to further tighten domestic liquidity, dealers felt.
The rupee declined by a whopping 19 paise in a single session on Tuesday after its record lows of Rs 45.55/56 overnight. The seventh consecutive day, it has shown a consistent depreciation of over 87 paise.
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