Rupee slips to new low, touches 74.27 against dollar

New Delhi: The Indian rupee plunged to a new low of 74.27 against dollar during the mid-afternoon session on Tuesday after rent crude breached the USD 84 a barrel-mark again and the American currency strengthened overseas.

Rupee has been on a downward spiral lately and sentiment has also been weaker after the RBI held interest rates steady contrary to market expectation that pushed the rupee to its previous record low of 74.23.

Intra-day, rupee had reached record low of 74.23 reached on October 5.

Foreign institutional investors (FIIs) sold shares net worth a net of Rs 1,805 crore Monday, provisional data showed. Investors remained concerned over sustained foreign capital outflows and rise in crude oil price to 84.48.