Indian rupee bleeds as Asia’s worst performing currency, hits record low of 71 against the dollar

The Indian rupee collapsed to a fresh record low of 71 against the US dollar for the first time ever by slipping 26 paise today, reported news agency PTI (Press Trust of India).

The fall in Indian currency is due to the persistent demand for the US currency amid rising crude prices. Weakness in almost all other Asian peers also gave a boost to the dollar today.

Indian rupee was trading at 70.93/94 per dollar and skidded to 71 per dollar in opening deals before recovering slightly on the back of dollar sales by state-run banks.

The rupee has been Asia’s worst performing currency this year, having lost nearly 10 per cent.

A weak rupee has resulted in imports, overseas education and foreign travel getting more expensive.


Click to comment
To Top