Rupee closes below 73

The rupee on Wednesday reverted to its old ways of sagging against dollar as rising crude prices pushed the currency below 73 mark for the first time.

The pressure on currency cannot be solely attributed to oil-the US Federal Reserve has raised its rates that has led to a dollar rally and outflows from emerging markets including India.

Foreign portfolio investors have already pulled out ,$9 billion from the equity and bond markets. Experts have forecast the country's CAD- difference between foreign exchange earned and spent - which hit 2.4 percent of GDP during the first quarter of this year is set to rise further because of crude.