The Indian rupee declined soon after the foreign exchange market opened on Thursday, reaching a new record low of 70.86 against the United States dollar, PTI reported. The currency closed at a new record low at 70.74 against the dollar, 0.20% lower from its previous close of 70.59.

The rupee had fallen as much as 49 paise on Wednesday to close at an all-time low of 70.59 against the dollar. The decline this week is said to be the result of an increase in the demand for dollars, which typically rises towards the end of every month as importers need to pay their bills.

The currency had first collapsed below the 70-a-dollar mark earlier this month after the United States’ decision to levy higher tariffs on Turkish imports hurt emerging market currencies.

In the stock market, the BSE Sensex ended 32.83 points lower at 38,690.10 and the Nifty closed 15.1 points down at 11,676.80.

Tata Steel, Bharti Airtel, ITC and Power Grid Corporation of India were among the top five gainers on both the benchmark indices. Banking stocks – those of Yes Bank, IndusInd Bank, Kotak Mahindra Bank and Axis Bank – led the decline on the Sensex. On the Nifty 50, the stocks that declined the most were Yes Bank, Tech Mahindra, Hindustan Petroleum Corporation, HCL Technologies, and Reliance Industries.