New Delhi: The Indian rupee on Monday plunged to a new low as it hit 72.31 against U.S. dollar for the first time.
High volatility in global crude oil prices and strong demand for the American Currency have been blamed for Rupee’s free fall, said a market analyst.
On Friday, the rupees, however, rose 26 points to close at 71.76 against the dollar. The rise in the rupee’s value came after seven days of depreciation.
India’s current account deficit (CAD) widened to USD 15.8 billion in April-June in value terms this year as against USD 15 billion in the same quarter of 2017-18, mainly due to a higher trade deficit, according to RBI data released on Friday
The benchmark domestic stocks today plunged around one percent in afternoon trade amid mixed global share markets.
Sensex at the Bombay Stock Exchange lost 0.96percent or 369 points to 38,021. The Nifty at the National Stock Exchange was also down 1.04 percent or 118 points to trade below 11,500 mark at 11,471.
Also Read: Rupee Touches 72 Mark Against Dollar, Gold Surges By Rs 200
Ms Kalinga