INR vs USD: The rupee closed 4 paise away from its all-time closing low against the greenbackThe rupee gave up recent gains against the US dollar to close at 70.11on Thursday.
That marked the rupee's return to below 70 levels against the greenback after a gap of two sessions.
Renewed weakness in the rupee came as dollar surged against a group of major currencies, after reaffirmation ofthe Federal Reserve'sintentions to raise interest rates.
The rupee declined as much as 33 paise against the American currency during Thursday's session, but contained its fall at 30 paise at the closing.Here are five things to know:1.
The rupee traded in the range of70.14-69.96 before finishing the session at 70.11 per dollar.2.
Minutes of the Fed's latest policy meeting released on Wednesday suggested the US central bank is on course to further raise interest rates after two hikes this year.
With that, the dollar got a boost against major peers.
The dollar index - which measures the greenback against six major currencies - moved 0.2 per cent higher.3.
Trade tariffs imposed by the US and China, the world's two largest economies, on each other kicked in on Thursday.
That also supported the safe-haven US currency.
The two sides went ahead with the second bout of tariffs against each other even as officials held talks in Washington.4.
Analysts expectthe rupee to trade rangeboundgoing forward.5.
Meanwhile, the domestic stock markets registered mild gains to register record closing highs, led by exporters and heavyweights such as Reliance Industries and LT.
Weakness in the rupee augurs well for exporters such as IT and pharma companies, say analysts.(With agency inputs)