The rupee on Wednesday crashed by a staggering 49 paise or 0.70 per cent to close at a historic low of 70.59 against the US currency due to strong month-end dollar demand from oil importers and foreign fund outflows.
It was the biggest single-day crash since August 13 when the unit crumbled 110 paise or 1.6 per cent. The rupee previously had closed at a record low of 70.16 to the dollar on Monday.
The slide was triggered by factors like crude prices hitting multi-month highs fuelled by supply shocks along with concerns over widening current account deficit (CAD).