Rupee falls 18 paise against US dollar, opens at lifetime low

New Delhi, Aug 30: The rupee fell to a new record low in opening trade at 70.68 per US dollar.

At 9.29 am, the partially convertible rupee was trading 18 paise or 0.27% lower than Wednesday's close at 70.77 against the US dollar.

Intra-day, however, the rupee fell as low as 70.80 against the US dollar at 9.18 am.

It may be recalled that on Wednesday, the rupee witnessed its second biggest single day crash since August 12, when it crumbled 110 paise.

According to Reuters, the slide was triggered by factors like crude prices hitting multi-month highs fuelled by supply shocks along with concerns over widening current account deficit (CAD).

The rupee collapsed to another record low of 70.65 during the day as investors finally hit the panic button after reports highlighted risks of India breaching the 3.3% fiscal deficit target for 2018-19.