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Rupee touches record low of 70.07 per dollar

Updated: Aug 14, 2018 07:00:29am
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Rupee touches record low of 70.07 per dollar

New Delhi, Aug 14 (KNN) The Indian rupee has today hit a record low of 70.07 a dollar.  Rupee has ended at an all-time closing low the day before.  It ended 110 paise lower at 69.93 on Monday against its Friday's close of 68.83. It was its sharpest single session fall against dollar since September 3, 2013.

The rupee had hit an all-time low of 69.93 on Monday.

Rupee’s value is crucial for importers and exporters of the country as the weak rupee against the dollar makes imports costlier. However, for exporters, a weak rupee is good since they get more money for their exports.

In both cases India's current account deficit is affected.

There are some imports which cannot be cut down despite weak rupee such as oil, which can negatively affect India's current account deficit.

The other directly affected sectors include tourism and education. A weak rupee makes education and holidays in foreign countries more expensive.

Meanwhile, the export industry like information technology and pharma companies benefit from a weak rupee. (KNN Bureau)

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