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Rupee devalues to record low near 70.20

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Rs 2000 rupee currency notes. (File Photo: IANS) by .
Rs 2000 rupee currency notes. (File Photo)

Wider trade deficit, along with recent outflow of foreign funds, weakened the Indian rupee to a fresh record low during the early morning trade session… reports Asian Lite News

 

Rs 2000 rupee currency notes. (File Photo: IANS) by .
Rs 2000 rupee currency notes. (File Photo)

At 9.45 a.m., the rupee traded at 70.18-19 after it had plunged to 70.32-33 — the lowest ever — against the greenback.

On Tuesday morning, the Indian currency had plunged to 70.08 — its previous lowest ever mark — against the greenback.

At the end of the intra-bank trade session on Tuesday, the Indian rupee strengthened by four paise at 69.90 against the dollar, compared to Monday’s close of 69.94 per greenback.