Indian rupee plunges further to 71.37 against USD
The Indian rupee on Tuesday recorded a record low during early trade as it hit 71.37 against U.S. dollar.
"The Indian rupee plunged to a fresh record low of 71.37 against U.S. dollar during the early trade today," a market analyst said. "It opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.37."
The Indian currency has been on downward trajectory and has not been showing any sign of rebound.
Analysts said the move would benefit exporters.
The latest figures released by India's federal Central Statistics Office (CSO) on Friday showed economic growth rate grew at a rate of 8.2 percent during April to June.
