Indian currency fell 24 paise against US dollar now at ₹79.39
On Thursday, the Indian Rupee falls 24 paise to ₹79.39 against the US dollar in early trade, PTI reports.
Bloomberg showed that the Indian currency was the last changing at ₹79.4200 per dollar after opening weaker at ₹79.2125 from Wednesday’s close of ₹79.1613.
At the interbank foreign exchange, the rupee opens at ₹79.21 against the US dollar, then falls to ₹79.51, registering a depreciation of ₹36 paise over the last close, the PTI report showed.
The rupee on Wednesday had fallen heavily by ₹62 paise to close at ₹79.15 against the US dollar, which made the worst single-day fall in the current fiscal year.
According to Forex traders, the Indian currency has been underperforming among Asian currencies amid a record high trade deficit number and safe-haven demand for the dollar as traders weigh risks associated with the US-China tensions.
For the first time in 17 months in July, Indian exports dipped marginally, whereas the trade deficit tripled to a record $31 billion, fuelled by an over 70 percent increase in crude oil imports.
The rupee opened lower against the dollar, building on Wednesday’s decline amid concerns over the nation’s record trade deficit. The rupee was trading at ₹79.34, compared with the previous close of ₹79.16 against the greenback, Reuters reports.