Indian Rupee Dips To Record Low Against U.S. Dollar
August 29 2018 - 10:54PM
RTTF2
The Indian rupee plunged against the U.S. dollar on Thursday,
touching a fresh record low, as rising crude oil prices and outflow
of foreign funds from the equity and bond markets kept investors
cautious.
Indian shares also fell amid caution ahead of the expiry of
August F&O series today.
Moody's Investors Service on Wednesday warned that higher oil
prices and interest rates might add to existing pressure on India's
fiscal and the current account deficit.
The benchmark BSE Sensex was down 65.75 points or 0.17 percent
at 38,657, while the broader Nifty index was down 22 points or 0.19
percent at 11,670.
Oil surged toward $70 a barrel on the back of bullish inventory
data and amid signs that Iran sanctions may limit global
supply.
Extending its free-fall, the rupee slid to a historic low of
70.94 against the greenback. The currency thus depreciated 0.4
percent from Wednesday's closing value of 70.63.
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