Indian rupee hits new low on Friday
Dubai: Indian rupee hits new all-time low of $1: INR71.36 at 1pm on Friday, further sliding from a previous low of 70.855 on Thursday.
The Indian currency pulled back to about $1:INR71.13 by around 11am, according to forex tracker sites xe.com and mataf.net.
The Indian rupee went down to 19.36 against the UAE dirham on Friday, also a new low. It pulled back by about mid-day to 19.25.
The Indian rupee has been on a downward spiral against the resurgent greenback, as well as due domestic issues in the subcontinent.
A key driver of rupee’s plunge is India’s bulging import bill — and wider current account deficit — which hit its highest level in 61 months in June. India is almost totally dependent on oil imports.
On Thursday, the Indian currency touched an all-time low of 70.855, before trading 0.26 per cent higher to 70.775.
The currency has been on a weakening trend since the start of the year and has lost more than 10 per cent, making it the worst performing currency in Asia.
