Indian currency falls to historic lows

5 Jul 2022 , 02:38 PM

In Tuesday’s afternoon session, the Indian rupee lost more ground versus the dollar, reaching a new record low as worries over a growing current account deficit increased in light of the nation’s record-high trade deficit in June.

Data released late on Monday indicated that India’s June trade imbalance increased to a record $25.63 billion from $9.61 billion a year earlier, driven by an increase in crude oil and coal imports.

By 08:22 GMT, the partly convertible rupee had fallen to a lifetime low of 79.15 and was trading at 79.13/14 per dollar. Last week, it reached the previous record low of 79.12, and on Monday, it traded at a low of 78.95.