Rupee slumps by 23 paise on strong dollar, high crude prices

The rupee on March 8 declined by 23 paise to close at 73.25 against the U.S. dollar, extending its losses for the third session in a row due to rising crude oil prices and strengthening of the American currency in the overseas market. The dollar rose to a three-and-a-half month high against a basket of six currencies globally helped by passage of $1.9 trillion stimulus package by the U.S. Senate, positive jobs data and rising bond yields.