Rupee hits record low

June 29, 2018, Chennai

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The rupee breached the 69-level for the first time against the US dollar on Thursday, touching a record low of 69.09 on the back of higher crude oil prices and concerns of a US-China trade war.

The immediate fallout of rising crude prices and weakening exchange rate will be higher retail fuel prices. This will translate into higher inflation. The weaker rupee has also come at an inopportune time for students studying in overseas universities as this is the time of the year when they purchase dollars towards fees.