Indian Rupee hits a lifetime low of 69.12 against US dollar

Jul 20 2018 11:57 AM
Indian Rupee hits a lifetime low of 69.12 against US dollar

Mumbai: Continuing its slip for the third session, the Indian rupee on Friday distorted to a all time low of 69.12 in opposition to the US dollar after the Chinese central bank diluted its daily reference rate for the yuan by the largest part in two years.

The yuan jumped down further by 0.28 percent to 6.7943 per dollar, its lowest levels in a year following a growing slouch in recent weeks following the trade-tariff war between US and China loom.

 Worth mention here the rupee opened higher at 69 a dollar against 69.05 previously rate at the interbank foreign exchange market.

However, following the fall in the yuan, the domestic currency slipped to life time intra-day low of 69.12 against the American currency, showing a decrease of 7 paise.

 It is noted that the rupee's earlier all-time intra-day low was 69.10, touched on June 28.

A mad rush for dollar was observed as importers hoped further wearing down in the rupee value, forex dealers said.

Earlier a day the rupee took a hard 43-paise blow to close less the 69 level for the first time at a momentous low of 69.05 against the US currency as buoyant remarks on the US economy by the Federal Reserve chairman group.

The benchmark BSE Sensex increased by 71.68 points, or 0.20 percent, at 36,422.91 in early trade today.

 

 

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