Rupee Reaches A New Low Mark Against Dollar In The Currency Market

The Indians in the US are stunned to see the value of Indian Rupee drops against USA‘s Dollar.

The Indian rupee plunged to a fresh record low of just over 71 to a US dollar during the morning trade session on Friday.

Around 10 AM the Indian rupee was pegged at 70.97-98 to a US dollar after it touched 71 to a US dollar — the lowest ever mark — against the greenback.

It opened the day’s trade at the Inter-bank Foreign Exchange Market at over 70.90 to a USD which was even below its record low of 70.85 to a greenback.

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The end-of-the-month demand for the US Dollars & the rising price of the crude oil was the reason for the drastic changes in the Rupee value. Growing fears about rising inflation in amid high global crude oil prices and consistent outflow of foreign funds from the domestic equity market also weighed on the domestic currency.

Meanwhile, US President Donald Trump has been preparing to fuel trade war with Beijing and is ready to levy more tariffs on Chinese imports.

On Thursday, the Indian rupee closed at 70.74-75 against the US dollar, weaker 15 by paise from Wednesday’s close of 70.59-60 to a US dollar.