Rupee slips to a new low; touches 71.75/$

The Indian rupee fell to a new record low of 71.75 against the US dollar during morning trading on Wednesday, extending its recent decline against the greenback.

At around 10.40 a.m., the rupee was trading at 71.75 to a dollar, marking its weakest level ever at that time.

The Indian currency opened at 71.44 to a dollar on the Inter-Bank Foreign Exchange Market, compared with Tuesday's closing level of 71.58.

The latest decline reflected continued pressure on the rupee amid concerns over higher crude oil prices, global trade tensions and foreign fund outflows. A weaker rupee can also increase the cost of India's oil imports, as crude is largely purchased in US dollars, adding to the country's import bill.

The currency's slide had emerged as a key concern for the Indian economy, particularly because a sustained depreciation can raise the cost of imported goods and potentially add to inflationary pressures.