Rupee collapsed to new low against US dollar in the early trade

In the opening trade on Wednesday, the Indian rupee has collapsed to a new low of 72.91 per dollar. The rupee is under continuous pressure from the rising crude oil price and consistent demand from the banks and importers and Wednesday the crude oil prices are expected to rise even further after a report of falling crude inventory. The sanctions against Iran is also one of the prime reasons behind the tightening of the market.