Indian rupee again crosses 69 mark against US dollar
The Indian currency fell to 69.03 against dollar in early trade on Friday; on June 28 it had sunk to 69.10 during early trade
The Indian currency continues to be weak against the dollar on the back of appreciation of US currency and sustained capital outflows. The rupee fell 8 paise to 69.03 against dollar in early trade on Friday.
On Thursday, the rupee had tumbled 21 paise to a fresh closing low of 68.95, Press Trust of India reported.
In the Indian currency’s history, this is the second time it has breached the 69 mark. On June 28 it had sunk to 69.10 during early trade.
Dealers say the weakness of the rupee is mostly due to demand for the US currency and a lower opening in the domestic equity market.
Foreign portfolio investors sold shares worth 1.59 billion rupees (US$23 million) on Thursday, according to provisional data.
With the US set to impose tariffs on Chinese goods on Friday, investors feared it could trigger a full-scale global trade war.