Rupee Closes At An All-Time Low Of 74.07/$

The Indian rupee on Monday closed at an all-time low of 74.07 against the U.S. dollar amid fears that capital outflows will continue with rising rates in the U.S.

The domestic currency opened 0.3 percent lower at 73.96 against Friday’s close of 73.76 a dollar. The local unit had touched a life-time low of 74.22 against the greenback on Friday after the Monetary Policy Committee surprised markets by keeping interest rates unchanged.

The rupee, the worst-performing Asian currency, fell nearly 14 percent so far this year, raising fears of a widening current account deficit.