Rupee at a fresh new low as rising oil deepens CAD, inflation concerns

The rupee weakened 0.5 per cent against the US dollar on Tuesday, closing at a new low, as a sharp increase in global crude oil prices stoked concerns over a widening domestic current account deficit and higher inflation, dealers said.

The rupee settled at a new low of 78.77 per US dollar against the previous close of 78.35 per US dollar.

The domestic currency touched a fresh intra-day low of 78.86 per US dollar in the course of trade. The previous record closing low for the rupee was 78.39 per US dollar on June 22.

Crude oil prices jumped close to 1 per