The Indian rupee on Friday has collapsed to a life-time low of 69.13 against the US dollar. The massive drop comes after the Chinese central bank weakened its daily reference rate for the yuan by the most in two years.
The yuan dropped further by 0.28 per cent to 6.7943 per dollar, its lowest levels in a year following a rising plunge in recent weeks with the brewing trade war between China and US.
However, following the plunge in the yuan, the domestic currency fell to an all-time intra-day low of 69.13 against the American currency, showing a fall of 7 paise.
The rupee’s previous all-time intra-day low was 69.10 which had been witnessed on June 28.
On Thursday, the rupee took a hard 43-paise knock to close below the 69 level for the first time at a historic low of 69.05 against the US currency as upbeat comments on the US economy by the Federal Reserve chairman drove the greenback to one-year high levels higher against global currencies.
BSE Sensex rose by 71.68 points, or 0.20 per cent, at 36,422.91 in early trade on Friday.
Featured Image: NDTV
(With inputs from PTI)