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Will rupee breach 70? Indian currency sinks to record low against US dollar

The immediate concern for the rupee is the sharp spike in oil prices

Rupee Versus Dollar  |  Rupee Plunges  |  Forex

Anup Roy  |  Mumbai 

The rupee touched its record low of 69.10 a dollar in morning trades on Thursday amid a sharp spike in crude oil prices, while the markets are convinced that 70 a dollar levels are not too far away for the local currency. The rupee would have depreciated even more, but for intervention from the Reserve Bank of India (RBI), which managed to strengthen the currency to its close at 68.7950 a dollar, a level last seen on August 28, 2013, which was the rupee’s last record close.

The market has now gone ‘long’ on the dollar and a new record close could be expected this week. The ...

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First Published: Fri, June 29 2018. 02:10 IST