Rupee's slide continues

The rupee descended for the eighth consecutive session and ended 50 paise down at its lowest-ever level of 96.70 against the US dollar on Tuesday, weighed down by soaring crude oil prices, persistent foreign capital outflows, and a resilient dollar buoyed by global risk-aversion.

Rupee, Asia's worst-performing currency, has lost Rs 2.48 or 2.64 per cent versus the greenback in the past eight sessions since the closing level of 94.22 recorded on May 7.

Forex traders attributed the domestic currency's steep fall to rising crude oil prices and global supply chain disruptions due to the closure of the Strait of Hormuz.

At the interbank foreign exchange market, the rupee opened at 96.38 against the US dollar and touched the intraday high of 96.27 during the session.

At the end of the session, the Indian currency was quoted at its historic low of 96.70 against the dollar, recording a steep fall of 50 paise from its previous closing level.

On Monday, the Indian rupee settled at 96.20 against the US dollar. -- PTI