Rupee slides to record low against US Dollar, falls sharply at 69

The currency plunged by 49 paise in early trade today as rising crude oil prices deepened concerns about the country's current account deficit and inflation dynamics.

The Indian Rupee (INR) collapsed to a lifetime low of 69.10 against the US dollar on Thursday. (PTI)

New Delhi: The Indian Rupee (INR) collapsed to a lifetime low of 69.10 against the US dollar on Thursday, after it closed at 68.61 on Wednesday. The currency plunged by 49 paise in early trade today as rising crude oil prices deepened concerns about the country's current account deficit and inflation dynamics. Therefore, after maintaining a 19-month low, the Rupee further depreciated owing to the increase in the international crude oil prices and trade war concern between the United States and China. As per the report, the rupee opened at 68.87 a dollar at the interbank foreign exchange market, against 68.61 previously and sank to 69.10 in morning deals, falling 49 paise. Global oil prices have climbed after the US asked its allies to end all imports of Iranian oil by November. Concerns over supply disruptions in Libya and Canada also pushed prices higher. Higher crude oil prices and a declining rupee are a double whammy for India, forex dealers said. Meanwhile, the benchmark Sensex was down by 90.26 points, or 0.25 percent, at 35,126.85 in early trade today. (With inputs from PTI)