Rupee touches a new low of 79.14 against US dollar amid CAD concerns
Rupee weakened further in afternoon trade on Tuesday to touch a fresh record low against the US dollar as concerns of a wider current account deficit came to the forefront
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Data late on Monday showed India's June trade deficit widened to a record $25.63 billion. Photo: Bloomberg
The Indian rupee weakened further in afternoon trade on Tuesday to touch a fresh record low against the U.S. dollar as concerns of a wider current account deficit came to the forefront after the country's June trade deficit hit a record high.
Data late on Monday showed India's June trade deficit widened to a record $25.63 billion, pushed by a rise in crude oil and coal imports, from $9.61 billion a year ago.
The partially convertible rupee was trading at 79.13/14 per dollar by 0822 GMT, after hitting a life low of 79.15. It had touched the previous record low of 79.12 last week and had closed trading at 78.95 on Monday.
(Reporting by Swati Bhat; Editing by Andrew Heavens)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Jul 05 2022 | 2:41 PM IST