Rupee hits record low of 70.42 against US dollar

NEW DELHI: The domestic currency plunged to an all-time low of 70.52 against the greenback on Wednesday. the domestic unit has emerged as the worst performing Asian currency in 2018, with a fall of 9.82 per cent YTD.It had opened 22 paise lower at 70.32 against the US dollar. The domestic currency on Tuesday bounced back in tepid fashion from record closing low, gaining 6 paise to end at 70.10, largely tracking bearish dollar cues overseas.Official data showed foreign direct investment in India grew by 23 per cent to $12.75 billion during the April-June quarter of 2018-19. A report said that the foreign fund inflows would help finance the current account deficit (CAD) which is expected to widen to 2.8 per cent of the GDP in 2018-19, PTI reported. The 10-year benchmark bond yield on Tuesday ended at 7.90 per cent.In the cross-currency trade, the rupee recovered against the Japanese yen to finish at 63.10 per 100 yens from 63.16 earlier.On the global front, oil markets were stable on Wednesday, buoyed by falling supplies from Iran ahead of US sanctions but held in check by rising production outside the OPEC countries, Reuters reported.Asian share markets were left in limbo as optimism over the US-Mexico trade deal was quickly replaced by caution ahead of a looming deadline on tariffs with China.

from The Economic Times https://ift.tt/2BTqy26