Rupee slides below 70 mark again

The Indian Rupee has continued its slide against the US dollar this week, as it finally touched the psychological 70-mark, yet again.

The domestic currency opened 11 paise lower against the greenback at 70.05 during the Friday’s trade. At the time of filing this copy the rupee was trading 70.03, down 9 paise against US dollar. The depreciation in the rupee is primarily because of the firming up in global oil prices – the Brent crude was trading at 70.61 a barrel at the time of filing of this copy, up 22 cents.

Rupee had lost 23 paise against US dollar on Thursday continued outflow of foreign investors from the Indian debt and equity markets. The FIIs, on the back of escalating trade war, have withdrawn net of Rs 2,950 crore from the Indian markets. This has also led Sensex to tank by 1,500 points in just four trading sessions.