The rupee collapsed to a fresh low of 73.77 against the US dollar on Thursday, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows.
Since January 1, 2018, the currency’s value has eroded 15.53 per cent against the UAE dirham.
The rupee has been posting new record lows this year on the back of a strong US dollar and high crude oil prices, making it the worst performing currency among the fast-growing economies in Asia. Its Asian peers, the Philippine peso and the Indonesian rupiah, have taken a beating from the US dollar as well.