INSUBCONTINENT EXCLUSIVE:
Extending its fall to a second straight session, the rupee declined 15 paise to close at a record 70.74 against the dollar on Thursday
That marked the weakest closing level for the rupee against the US currency
Sustained month-end dollar demand from importers and rising crude oil prices dragged the rupee lower against the greenback
During the session, the rupee registered a life-time low of 70.90
concerns."The firming up of the oil prices to $75+ levels is going to lead to widening of the current account deficit and inflation leading
domestic stocks markets also impacted the rupee sentiment."The global factor of trade wars and Turkey has strengthened the dollar and
weakened currencies of several countries," CARE Ratings chief economist Madan Sabnavis said.The dollar index - which measures the greenback
against six major currencies - rose 0.11 per cent to 94.56 in recent trade
It had touched a four-week low on Tuesday.Meanwhile, the stock markets finished Thursday's session on a mildly negative note, as caution
prevailed ahead of expiry of derivatives
The day marked the expiry of derivatives contracts for the month of August.The government is due to release the GDP data for the April-June
period on Friday.(With agency inputs)
