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Rupee hits new record low against US dollar on Wednesday

12 Sep 2018 Evaluate

Indian rupee weakened and hit to a new record low against the US dollar on Wednesday amid escalating trade war concerns. Besides, consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, too added pressure on rupee. Furthermore, sentiment was also hurt by sustained capital outflows. On the global front, the dollar fell as sources said Canada was ready to make a concession to the United States to resolve their talks over reworking the North American Free Trade Agreement, though lingering anxiety over US-China trade tensions weighed.

The partially convertible currency is currently trading at 72.79, weaker by 10 paise from its previous close of 72.69 on Tuesday. The currency touched a high and low of 72.9150 and 72.7550 respectively. The reference rate for the dollar stood at 72.32 and for Euro stood at 84.07 on September 11, 2018. While the RBI’s reference rate for the Yen stood at 64.89, the reference rate for the Great Britain Pound (GBP) stood at 94.41. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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