Mumbai: The Indian rupee hit a new all-time low of 71.37 per dollar on Tuesday tracking a similar trend among its global peers and amid concerns of trade war escalation.
It opened at 71.24 per dollar surpassing the previous low of 71.21 per dollar, at which it had closed on Monday.
Around 9.55 a.m., the rupee was trading at 71.19 per dollar.
According to analysts, along with trade concerns, high crude oil prices and consistent outflow of foreign funds also weighed on the Indian currency.
"Indian rupee has made a new low of 71.37 in the spot market (around 9.15 a.m.). Weak domestic equity and bond markets as well as higher crude oil prices and a broad depreciation in the Asian currencies against the dollar pulled the rupee lower," said Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities.