Markets

Indian rupee hits 13 month low on global econ fears; trade data

Published December 16, 2014 Updated December 16, 2014 06:08am

1 min

By Shoaib Ur Rehman

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MUMBAI: 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.

By 9:15 a.m. (0345 GMT), the partially convertible rupee was at 63.45/46 per dollar versus its Monday's close of 62.94/95.

The unit earlier dropped as low as 63.46, its weakest level since Nov. 13, 2013.

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