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Rupee hits record low of 71 per dollar, RBI sells dollars in small amounts
Highlights
The rupee fell to a record 71 per dollar in opening trade on Friday, tracking weakness in almost all other Asian peers as the latest round of USChina trade tensions dulled investor risk appetite and gave a boost to the dollar
The rupee fell to a record 71 per dollar in opening trade on Friday, tracking weakness in almost all other Asian peers as the latest round of U.S.-China trade tensions dulled investor risk appetite and gave a boost to the dollar.
The partially convertible rupee was trading at 70.93/94 per dollar, compared with its previous close of 70.74. It touched 71 per dollar in opening deals before recovering slightly on the back of dollar sales by state-run banks.
Traders said the Reserve Bank of India was likely sporadically selling dollars through state-run banks to prevent a sudden sharp fall but traders do not expect any major intervention as the fall has been in line with fundamentals.
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