Mumbai: Geo-political pressures, along with outflows of foreign funds and high crude oil prices dragged the Indian rupee to its lowest ever intra-day level of over 70 against a US dollar on Tuesday. On Tuesday morning, the Indian currency plunged to 70.08 -- the lowest ever -- against the greenback. However, a likely intervention by the Reserve Bank of India and stabilisation in the global currency markets pared the rupee's early fall. 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)
Business
Indian rupee plunges to record low of 70 against US dollar
Aug 15, 2018
Mumbai: Geo-political pressures, along with outflows of foreign funds and high crude oil prices dragged the Indian rupee to its lowest ever intra-day level of over 70 against a US dollar on Tuesday. On Tuesday morning, the Indian currency plunged to 70.08 -- the lowest ever -- against the greenback. However, a likely intervention by the Reserve Bank of India and stabilisation in the global currency markets pared the rupee's early fall. 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)