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Forex News: Indian Rupee Dips To Record Low Against U.S.

Indian Rupee Dips To Record Low Against U.S. Dollar

08/30/2018 - 03:54:00 (RTTNews)

(RTTNews) - The Indian rupee plunged against the U.S. dollar on Thursday, touching a fresh record low, as rising crude oil prices and outflow of foreign funds from the equity and bond markets kept investors cautious.

Indian shares also fell amid caution ahead of the expiry of August F&O series today.

Moody's Investors Service on Wednesday warned that higher oil prices and interest rates might add to existing pressure on India's fiscal and the current account deficit.

The benchmark BSE Sensex was down 65.75 points or 0.17 percent at 38,657, while the broader Nifty index was down 22 points or 0.19 percent at 11,670.

Oil surged toward $70 a barrel on the back of bullish inventory data and amid signs that Iran sanctions may limit global supply.

Extending its free-fall, the rupee slid to a historic low of 70.94 against the greenback. The currency thus depreciated 0.4 percent from Wednesday's closing value of 70.63.

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