Rupee slides 47 paise to close at record low of 72.98 against US dollar on trade war concerns

The latest global trade protectionist measures, along with high crude oil prices, dragged the Indian rupee to a fresh low of 72.98 per US dollar on Tuesday

Indo-Asian News Service September 18, 2018 19:04:07 IST
Rupee slides 47 paise to close at record low of 72.98 against US dollar on trade war concerns

Mumbai: The latest global trade protectionist measures, along with high crude oil prices, dragged the Indian rupee to a fresh low of 72.98 per US dollar on Tuesday.

Rupee slides 47 paise to close at record low of 7298 against US dollar on trade war concerns

Rupee and US dollar Representational image. Reuters.

At 5 p.m., the rupee closed at 72.98 per greenback from its previous close of 72.51 per dollar.

It had opened at 72.60 per US dollar at the Inter-Bank Foreign Exchange Market and remained range bound.

However, the Indian currency's slide commenced from 4.45 p.m. onwards as it touched 72.96 breaching its previous intra-day record low of 72.91 made on 12 September.

According to analysts, concerns over a rise in the inflation rate, growing protectionism in global trade and an outflow of foreign funds from the country's equity market have had an adverse impact on the Indian currency.

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