SME Times News Bureau | 19 Jun, 2013 The
Indian rupee hit a record closing low of 58.77 against the dollar Tuesday on
lingering worries over the country's current account deficit.
The partially convertible rupee closed at 58.77 at the interbank foreign
exchange market here, surpassing the previous lowest close of 58.39 hit June
11. The rupee had closed at 57.87 Monday.
In the intra-day trade, the rupee approached 58.98.
The value of the rupee dropped sharply Tuesday on renewed concern over the
country's current account deficit.
India's trade deficit widened to seven month high of $20.14 billion in May due
to sluggish exports and higher imports, notably of gold and silver, according
to data released by the commerce ministry Monday.
High trade deficit will put further pressure on the country's current account
deficit, which touched a record high of 6.7 percent in the quarter ended Dec
31, 2012.
