INSUBCONTINENT EXCLUSIVE:
INR Vs USD: A sharp surge in trade deficit too impacted the rupee.The Indian rupee collapsed to a lifetime low of 70.52 by plunging 42 paise
against the US dollar on strong month-end demand for the American currency amid foreign fund outflows, reported news agency Press Trust of
The Indian currency was hurt by fresh demand for the American currency from importers, mainly oil refiners, following higher crude oil
Dollar's strength against some currencies overseas also weighed on the domestic unit today
On Tuesday, the local currency had bounced back in a tepid fashion from the record closing low, gaining 6 paise to end at 70.10 against the
At the interbank foreign exchange market, the rupee opened lower at 70.32 a dollar against 70.10 previously and dropped further to a new low
Overseas, the US dollar inched higher against basket of currencies in early Asian trade, after dipping to a four-week low overnight.3
A sharp surge in trade deficit too impacted the rupee
The closing level of Indian rupee on Tuesday marked a recovery of 6 paise against the greenback, compared to the all-time closing low of
70.16 registered in the previous session.6
On Wednesday, Asian shares crept marginally higher as optimism over the US-Mexico trade deal was quickly clouded by caution ahead of a
Oil markets were stable on Wednesday, buoyed by falling supplies from Iran ahead of United States sanctions but held in check by rising
production outside the Organization of the Petroleum Exporting Countries.8
Traders said crude prices have been supported by the prospect of United States sanctions against Iran, which will start to target its oil
Meanwhile, the SP BSE Sensex turned choppy after hitting a new life-time high of 38,989.65 on Wednesday
The broader Nifty50 was also cautious and was trading at 11,739.90 at 9:52 am
