Global Trade Tensions Dent Rupee; Closes at 72.98

MUMBAI: The latest global trade protectionist measures, along with high crude oil prices, dragged the Indian rupee to a fresh low of 72.98 per US dollar on Tuesday.

At 5 p.m., the rupee closed at 72.98 per greenback from its previous close of 72.51 per dollar. It had opened at 72.60 per US dollar at the Inter-Bank Foreign Exchange Market and remained range bound. However, the Indian currency’s slide commenced from 4.45 p.m. onwards as it touched 72.96 breaching its previous intra-day record low of 72.91 made on September 12. According to analysts, concerns over a rise in the inflation rate, growing protectionism in global trade and an outflow of foreign funds from the country’s equity market have had an adverse impact on the Indian currency. (IANS)