Political uncertainty, global cues weaken rupee to record closing low

Mumbai : Domestic political uncertainty a day ahead of a no-confidence motion against the central government weakened the Indian rupee to its record low level against the US dollar on Thursday.

Accordingly, the Indian rupee weakened by 42 paise against the US dollar to close at 69.05 on Thursday, from its previous close at 68.63 per greenback.

Previously, the rupee had touched a record closing low on July 5 at Rs 68.94-95 against the USD.

Apart from the political concerns, outflow of foreign funds from the Indian equity and bond markets and possibility of an escalation in global trade and tariff war have had an adverse impact on the rupee.

On Thursday, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 315.69 crore.