Rupee value dropped all time low, drops 42 paisa now at 70.50 / dollar
Wednesday - August 29, 2018 3:00 pm ,
Category : INDIA
Value of Rupee depreciated 42 paisa to its all-time low of 70.52 rupees per dollars during the trading in the inter-bank foreign exchange market today. Demand for the end of the month and the withdrawal of foreign funds led to a fall in rupee. Rupee value dipped slightly due to the continuous dollar demand of banks and importers. Dollar demand of oil refinery companies has increased mainly by rising crude oil prices.
Earlier, the rupee fell 22 paisa to 70.32 against the dollar in early trade today. In yesterday's trade, the rupee was up by 6 paisa to close at 70.10 against the dollar. Later, it declined further and touched a record low of 70.52 dollars per dollar. Traders said that rupee was also affected by the dollar's strength in comparison to other currencies in foreign markets.
According to the experts, rupee value declined due to sales from government banks by oil importers and foreign banks. Earlier on August 16, the rupee was dipped at a time of 70.40, which is its lowest level.
