Rupee slides to new record low against US dollar
Fell as low as 70.82 at one stage in morning trading
India's rupee hit a new low against the US dollar on Thursday, falling to 70.82 at one stage in morning trading.
This came on the back of a plunge of 49 paise against the dollar on Wednesday when it closed on 70.59.
The rupee has been steadily falling throughout 2018 after starting the year at 63.67.
The slump in rupee will likely see a continued high level of remittances by Indian expatriates in the UAE, with exchange houses in the emirates reporting a rise a couple of weeks ago when the rupee was at 69.92.
The rupee slump is widening India's current account deficit, when the value of imports exceeds that of exports.
Rising crude oil prices, higher US interest rates and global trade war fears have also boosted the greenback.
India's central bank has raised interest rates this year in part to help increase the value of the rupee.
Brent crude oil gained 12 cents to $77.58 this morning, while West Texas Intermediate was trading at $69.64 at 9.50am in Tokyo, up 13 cents since opening.
Updated: August 30, 2018 10:41 AM