Rupee hits record low of 70.55 against dollar

Rupee currency

Mumbai, Aug 29: The Indian rupee plunged to a fresh record low of 70.55 against US dollar during the noon-trade session on Wednesday.

Around 12.30 p.m. the Indian rupee plunged to a fresh record low of 70.55 to a US dollar.

It opened the day’s trade at the Interbank foreign exchange market at 70.31-32 to a USD and soon surpassed its record low of 70.40 to a greenback.

Higher crude oil prices, demand for rupee from importers and banks are the reasons for falling rupee. Also, the gains for US dollar against other world currencies has also put rupee under pressure.

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