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This article is more than 3 year old.

Rupee hits record low in opening trade, opens at 70.19 against US dollar

Rupee hits record low in opening trade, opens at 70.19 against US dollar
The Indian rupee dropped to a record low in opening deals on Thursday with investor sentiment affected by a widening trade deficit on the domestic front and the broad rise in the US dollar versus other Asian peers.
The dollar held near a 13-month peak on Thursday as political turmoil in Turkey and concerns about China's economic health continued to support safe-haven assets and weighed on emerging market currencies.
The partially convertible rupee was trading at 70.25/26 per dollar, at 0343 GMT, versus its Tuesday's close of 69.90/91. Markets were closed on Wednesday for a national holiday.
The rupee hit a record low of 70.32 earlier in the session.
India's trade deficit widened to a more-than-five-year high of $18.02 billion in July, the trade ministry said on Tuesday, driven largely by a surge in oil imports.