Millennium Post

₹ tanks to near 7-month low of 65.64 against $

Mumbai: The rupee extended its losing run for the second straight day, falling by another 15 paise to end at a near 7-month low of 65.64 against the US dollar amid persistent capital outflows and a fresh ripple of geopolitical tensions.

Headwinds in the form of consistent widening in the trade deficit accompanied by portfolio outflows amid unsupportive global factors kept overall sentiment highly bearish.

Country's trade deficit hit $13.69 billion in March, climbing from $11.98 billion in February. This is the weakest close for the Indian currency since September 27, 2017 when it had ended at 65.72.

Despite a positive start to trade, it fell victim to panic reaction to touch a fresh intra-day low of 65.70 a dollar. Brent crude, an international benchmark, was trading marginally higher at $71.41 a barrel in early Asian trade.

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