Downslide of Indian rupee continues to hit fresh records as it slumped 43 paise against the American dollar to trade at a life-time low of 70.32 on Thursday, August 16. Experts believe that the rupee is unlikely to recover soon.
At the Interbank Foreign Exchange, the rupee opened at a record low of 70.25 a dollar, down from its previous close of 69.89, and weakened further to trade at a fresh low of 70.32, down by 43 paise.
On Tuesday, the rupee hit 70 to the dollar for the first time, falling 15 paise intraday to touch an intraday all-time low of 70.08 a dollar due to a sharp depreciation in Turkish lira after the United States imposed tariffs on steel and aluminium imports, and strong demand to the American currency.
The rupee fell more than 9 per cent year-to-date and around 2 per cent in August.
The dollar is near to its 13-month high today due to political turmoil in Turkey and concerns about trade war with world’s second largest economy China. The dollar index against a basket of six major currencies stood at 96.58 after rising to a 13-month high of 96.984 on Wednesday.