Rupee crashes further, hits 72.67 per dollar

Sep 10, 2018, 15:33 IST | Agencies

Around 12.30 p.m., it traded at its lowest-ever level of 72.67, after opening at 72.18 per greenback

Rupee crashes further, hits 72.67 per dollar
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Continuing its free fall, the Indian rupee touched a new low of 72.67 on Monday, depreciating by almost a rupee from its previous close of 71.73 per US dollar.

Around 12.30 p.m., it traded at its lowest-ever level of 72.67, after opening at 72.18 per greenback.

Along with the decline in global currencies against the dollar and persistent trade tensions, a wider current account deficit of India also weighed on the rupee, analysts said.

India's current account deficit in the April-June period stood at 2.4 per cent of the gross domestic product (GDP), against 1.9 per cent of the GDP in the January-March quarter of 2017-18, according to data released by the Reserve Bank of India on Friday.

Last week, the Indian rupee crashed below the 72-level for the first time ever on persistent global headwinds and concerns on macroeconomic front. The domestic currency was quoted 37 paise lower at 72.12 against the US dollar in afternoon trade. Investors remained concerned over sustained foreign capital outflows and widening current account deficit in the wake of soaring crude oil prices.

At the Interbank Foreign Exchange (Forex) market, the local currency opened higher at 71.67 a dollar against its previous record closing of 71.75, but failed to sustain initial strength and fell back to breach the 72-mark. The rupee's unabated fall continued for the sixth straight session Wednesday, hitting yet another closing low of 71.75, down 17 paise against the US currency.

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