Rupee devalues to record low near 70.20

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Mumbai, Aug 16 (IANS) Wider trade deficit, along with recent outflow of foreign funds, weakened the Indian rupee to a fresh record low during the early morning trade session on Thursday.

At 9.45 a.m., the rupee traded at 70.18-19 after it had plunged to 70.32-33 — the lowest ever — against the greenback.

On Tuesday morning, the Indian currency had plunged to 70.08 — its previous lowest ever mark — against the greenback.

At the end of the intra-bank trade session on Tuesday, the Indian rupee strengthened by four paise at 69.90 against the dollar, compared to Monday’s close of 69.94 per greenback.

–IANS

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