Rupee crashes 27 paise to hit record low of 86.31 against US dollar in early trade

MUMBAI: The rupee’s slide show went on for the second straight session on Monday as it crashed 27 paise to hit a new lifetime low of 86.31 against the US dollar, dragged down by a robust American currency amid volatile global cues.

A record surge in crude oil prices, sustained outflow of foreign capital, and a negative trend in domestic equity markets also kept the Indian currency under pressure, forex traders said.

The dollar, they said, strengthened on better-than-expected job growth in the US market, which also fuelled the benchmark treasury yields amid expectations of slower interest rate cut by the Federal Reserve.