The rupee opened at a fresh record low on Friday, breaching the 71-mark for the first time. The domestic currency slid 26 paise to a new record low of 71.0013 against the US dollar during early morning trade on Friday, Bloomberg data showed. At this level, the rupee has plunged 11.16% in 2018 from the previous year’s closing mark.
The rupee had closed at a fresh low of 70.74 against the greenback on Thursday. According to forex dealers, month-end demand for the US currency from importers, along with a strong dollar overseas and rising crude oil prices weighed heavy on the domestic currency. During the day, the rupee plunged to as low as 70.90 to the US dollar.
Source: financialexpress.com