Indian rupee weakened and crashed to a life-time low of 70.32 against the US dollar on Thursday on account of strong demand for the American currency from importers amid capital outflows. Besides, a sharp surge in trade deficit too impacted the rupee. The commerce ministry’s data showed that trade deficit soared to a near five-year high of $18 billion. Furthermore, depreciation of the Turkish lira against the dollar after the US imposed tariffs on steel and aluminium imports also put pressure on the Indian rupee. Forex market was shut on Wednesday on account of Independence Day. On the global front, the dollar was nudged away from a 13-month peak on Thursday as risk aversion eased and emerging market currencies bounced back on news that a Chinese delegation will travel to the United States late in August to hold trade talks.
The partially convertible currency is currently trading at 70.18, weaker by 29 paisa from its previous close of 69.89 on Tuesday. The currency touched a high and low of 70.3200 and 70.1400 respectively. The reference rate for the dollar stood at 69.76 and for Euro stood at 79.69 on August 14, 2018. While the RBI’s reference rate for the Yen stood at 62.90, the reference rate for the Great Britain Pound (GBP) stood at 89.23. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: