Indian rupee touches record low of 69.12 per dollar

USD-INR pair is expected to quote in the range of 68.80 and 69.30

ripplesadvisory

After opening mildly higher the rupee touched a record low of 69.12 on Friday. It has opened higher at 69.01 per dollar versus previous close 69.05.

Yesterday the rupee ended 43 paise down to close at 69.05 against Wednesday’s closing 68.62 per dollar.

It has recorded a biggest single-day fall since May 29.

Rupee fell to life-time low primarily on back of strength in the dollar against its major crosses. In the recent past, dollar has strengthened against its major crosses following better-than expected economic number and hawkish comments from the Fed Chairman in his testimony, said Motilal Oswal.

On the domestic front, market participants will be keeping an eye on no-confidence vote that could keep the volatility high for the currency.

Today, USD-INR pair is expected to quote in the range of 68.80 and 69.30, it added.

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