Global trade tensions dent rupee; closes at 72.98

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Mumbai, Sep 18 (IANS) The latest global trade protectionist measures, along with high crude oil prices, dragged the Indian rupee to a fresh low of 72.98 per US dollar on Tuesday.

At 5 p.m., the rupee closed at 72.98 per greenback from its previous close of 72.51 per dollar.

It had opened at 72.60 per US dollar at the Inter-Bank Foreign Exchange Market and remained range bound.

However, the Indian currency’s slide commenced from 4.45 p.m. onwards as it touched 72.96 breaching its previous intra-day record low of 72.91 made on September 12.

According to analysts, concerns over a rise in inflation rate, growing protectionism in global trade and an outflow of foreign funds from the country’s equity market have had an adverse impact on the Indian currency.

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