Rupee Hits Fresh Record Low Of 70.32 Against US Dollar

Rupee hit fresh record low of 70.32 against the US dollar on Thursday as it plunged 43 paise, reported news agency Press Trust of India (PTI).

"Given the prevailing risk aversion in the global markets, the rupee may intermittently cross 70/USD before retracing to 69/USD levels. The cross rate is expected to remain volatile going ahead, and average Rs. 68.5/USD in FY2019," said Aditi Nayar, Principal Economist, ICRA.

On Wednesday, Union Minister Arun Jaitley said India has comfortable foreign exchange reserves to deal with any undue volatility in the currency market and developments are being closely monitored.

On Tuesday, the rupee settled at 69.90 against the greenback, after weakening to a fresh all-time low of 71.10. The trade deficit for July widened to a more than five year high of $18.02 billion, driven largely by a surge in oil imports.

Source - NDTV 

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