Rupee crashes 52 paise vs dollar

The rupee onWednesday nosedived 52 paise to hit a 14-month low of 66.90 against the US dollar, the third-biggest single-day fall for the  domestic currency this year, amid surging crude prices coupled with headwinds on the macroeconomic front in the form of widening trade deficit. This was the lowest closing for the rupee since February 22, 2017. After resuming sharply lower at 66.47 from the overnight close of 66.38 at the inter-bank foreign exchange (forex) market, the rupee rapidly fell to touch a fresh intra-day low of 66.91 in late afternoon deals before concluding at 66.90, revealing a steep loss of 52 paise, or 0.78 per cent.