Indian rupee hits record low against US Dollar

The Indian rupee weakened further in afternoon trade on Tuesday to touch a fresh record low against the U.S. dollar as concerns of a wider current account deficit came to the forefront after the country`s June trade deficit hit a record high.

Data late on Monday showed India`s June trade deficit widened to a record $25.63 billion, pushed by a rise in crude oil and coal imports, from $9.61 billion a year ago.

The partially convertible rupee was trading at 79.13/14 per dollar by 0822 GMT, after hitting a life low of 79.15. It had touched the previous record low of 79.12 last week and had closed trading at 78.95 on Monday.