Rupee weakens further, hits fresh low to 72.64 against USD
Mumbai: The rupee weakened further to hit a fresh low of 72.64 against the US currency, falling 91 paise in late morning deals on Monday on rising crude oil prices, strengthening dollar and a widened current account deficit.
Earlier the rupee resumed slightly lower at 72.18 against last Friday’s closing level of 71.73 a dollar at the Interbank Foreign Exchange here. The domestic unit witnessed intense volatility and traded between 72.07 and hit all-time low of 72.64 during morning deals.
India’s current account deficit (CAD) widened to USD 15.8 billion in April-June in value terms this year as against USD 15 billion in the same quarter of 2017-18, mainly due to a higher trade deficit, according to RBI data released Friday. Domestic macro situation and dollar’s strength amid fear of currency crisis continued to spook the rupee, a dealer said.
Overseas, the US dollar edged higher against a basket of currencies in early Asian trade on strong US August jobs data and fears of an escalation in the China-US trade conflict. Meanwhile, the 30-share BSE Sensex is trading lower by 238.01 points, or 0.62 per cent, at 38,151.81