Rupee drops to a new record low of 79.36 per dollar

The rupee has dropped to a new record low of 79.36 per dollar, down 41 paise from its previous close.

In June, India’s merchandise exports increased 16.78 percent year on year to USD 37.94 billion, while the trade deficit increased to a record USD 25.63 billion due to a sharp increase in gold and crude oil imports.

It eventually closed at 79.36 (provisional), down 41 paise from the previous close. The rupee had closed at 78.95 against the US dollar on Monday.

The rupee is expected to trade lower due to a stronger US dollar, higher oil prices, and weak global market sentiment.

In the coming sessions, the rupee may trade in the 78.50-80 range.

The BSE Sensex closed 100.42 points, or 0.19 percent lower, at 53,134.35, while the NSE Nifty fell 24.50 points to 15,810.85.