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Rupee hits 13-month low on global fears; trade data

The rupee weakened to its lowest level in 13 months on Tuesday as markets in the region tumbled after a sharp rate hike in Russia further raised concerns about the global economy at a time when India’s trade deficit is already widening.

Rupee hits 13-month low on global fears; trade data

The rupee weakened to its lowest level in 13 months on Tuesday as markets in the region tumbled after a sharp rate hike in Russia further raised concerns about the global economy at a time when India’s trade deficit is already widening.

Sliding oil prices and a downbeat China factory survey weighed on Asian shares on Tuesday, while the rouble jumped after Russia sharply increased its benchmark interest rate in a bid to halt a collapse in its currency.

The developments come after data on Monday showed India’s trade deficit widened to an 18-month high in November.

The partially convertible rupee was at 63.45/46 per dollar in early trade versus its Monday’s close of 62.94/95. The unit earlier dropped as low as 63.46, its weakest level since November 13, 2013.

At 11.50 hrs (IST), the Indian rupee is currently at 63.41 per dollar.

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