Rupee devalues to record low near 70.20

Wider trade deficit, along with recent outflow of foreign funds, weakened the Indian rupee to a fresh record low during the early morning trade session on Thursday.

At 9.45 a.m., the rupee traded at 70.18-19 after it had plunged to 70.32-33 – the lowest ever – against the greenback.

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On Tuesday morning, the Indian currency had plunged to 70.08 – its previous lowest ever mark – against the greenback.

At the end of the intra-bank trade session on Tuesday, the Indian rupee strengthened by four paise at 69.90 against the dollar, compared to Monday’s close of 69.94 per greenback.