Analysts see the rupee falling further to 73.93-74.31 levels going forward
The rupee declined sharply lower against the US dollar to close at a record 73.34 on Wednesday, amid soaring crude oil prices. The rupee touched a fresh all-time low of 73.42 against the American currency during the session, but contained some of those losses by the end of the session. The government will hold an inter-ministerial meeting on Thursday to discuss currency weakness and its impact on trade deficit. Analysts say concerns on surging crude oil prices and widening of currency account deficit along with a rising dollar backed by strengthening of the US economy impact the rupee.