On Friday, the rupee had plunged by 26 pise, or 0.37 per cent, to a record low of 71 against the US currency due to worsening macroeconomic factors and heavy month-end dollar demand from importers.
At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.
The British pound held firm after making its biggest gains in seven months the previous day, following comments from the European Union's chief negotiator offering Britain closing ties after Brexit.
The rupee had recorded a steep fall of 49 paise in the previous session
The rupee ended below the 70-mark against the US dollar for the first time ever on August 16.
Last week the rupee had closed for the first time at 70.15 against the American dollar and many still believe the the rupee is still overvalued by at least Rs 2-3 more.
Sensex has so far touched a low of 38,251.01 points during the intra-day trade.
Rupee hits fresh record low of 70.32 against US dollar, plunges 43 paise.
The "Ficci Economic Outlook Survey" also said that several economists are of the opinion that the rupee is likely to remain under pressure during the financial year 2018-19.
In the cross-currency trade, the rupee retreated sharply against the pound sterling to end at 89.13 per pound from 87.86 and fell back against the euro to finish at 79.52 as compared to 78.83 earlier.
The rupee fell seven paise to touch a record low of 69.12 against US dollar as markets opened on a cautious note in the wake of no-confidece motion against the Modi government.
Most Asian currencies also dropped against the dollar on as concerns over a tariff war between the US and China endured, keeping investors cautious on regional trades.
On Monday, the rupee had retreated from a near two-week high by ending 4 paise lower at 68.57 against the US currency.
In morning deals, rupee touched a high of 68.33.
The rupee fell to an all-time low of 69.10 against the US dollar by plunging 49 paise in early trade on Thursday.
The rupee soared 42 paise to 66.18 against the dollar early today on increased selling of the US currency by exporters and banks amid higher foreign inflows following BJP's resounding win in UP and positive IIP numbers.
The Ministry of Commerce and Industry has circulated a cabinet note proposing the setting up of a ‘formal institutional mechanism’ to determine the right value of the rupee.
New Delhi: Gold prices zoomed to 26-month high of Rs 30,885 per ten gram today in the biggest single-day gain of Rs 1,215 since August 2013 as Britain voted to exit the European Union leading
The Indian government along with the Reserve Bank of India and all regulatory authorities are well-prepared to deal with any short-term volatility and are closely working together to minimize the impact on the economy in the short-term, Jaitley said
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