The Indian Rupee continues to decline: hitting 71 for the first time

The Indian Rupee continues to decline: hitting 71 for the first time

The rupee opened at a new record high on Friday, breaking 71 points for the first time. The local currency fell 26 paise to a new record high of 71.0013 against the US dollar during early morning trade on Friday, Bloomberg data showed. At this level, the rupee dropped 11.16% in 2018 from the previous year’s close.

The rupee closed at a new low of 70.74 against the dollar on Thursday. According to Forex traders, the end-of-month demand on the US currency, of importers, with the dollar rising abroad and higher crude oil prices heavily weighed on the domestic currency. During the day, the rupee depreciated to a low of 70.90 against the US dollar.