Rupee hits a record low of 70.32 against US dollar on trade deficit concern
Rupee hits a record low of 70.32 against US dollar on trade deficit concern
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New Delhi: Once again in a week, the rupee on Thursday hit new down by slipping over 40 paise to 70.26 against US dollar. Worth mention here At 9.12 am today morning the partially convertible rupee was low 43 paise to 70.32 against US dollar.

Amidst widening trade shortfall that raised to more-than-five-year high of $18.02 billion in July and the wide rise in the greenback other Asian peers.

Rupee reversed from historic down in its closing trade on Tuesday after touching 71.10 against the US dollar. Yester day The Indian currency closed at 69.90 against USD.

Rupee violated 70 per dollar mark in late morning trade on Tuesday amid fears that economic crisis in Turkey could extend to other global economies.

In the opening trade rupee had recovered from all-time low of 69.91 and made stronger by 23 paise to 69.68 against the US dollar. Panic and capitulation overshadowed trading mood as traders and speculators saw no indications that financial authorities would step into the foreign exchange market to back the domestic unit.

A PTI report said that the ongoing currency chaos in Turkey has dampened investors' sentiments worldwide.

 

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