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Rupee hits record low in opening trade, stays above 70 per US dollar

The partially convertible rupee was trading at 70.25/26 per dollar, at 0343 GMT, versus its Tuesday’s close of 69.90/91. Markets were closed on Wednesday for Independence Day.

business Updated: Aug 16, 2018 09:57 IST
Reuters
Reuters
Mumbai
Rupee,US dollar,Lira
A man counts rupee notes inside a shop in Mumbai.(REUTERS File Photo)

The Indian rupee dropped to a record low in opening deals on Thursday with investor sentiment affected by a widening trade deficit on the domestic front and the broad rise in the US dollar versus other Asian peers.

The dollar held near a 13-month peak on Thursday as political turmoil in Turkey and concerns about China’s economic health continued to support safe-haven assets and weighed on emerging market currencies.

The partially convertible rupee was trading at 70.25/26 per dollar, at 0343 GMT, versus its Tuesday’s close of 69.90/91. Markets were closed on Wednesday for Independence Day.

The rupee hit a record low of 70.32 earlier in the session.

India’s trade deficit widened to a more-than-five-year high of $18.02 billion in July, the trade ministry said on Tuesday, driven largely by a surge in oil imports.

First Published: Aug 16, 2018 09:47 IST