Rupee falls below 91 vs dollar as govt blames trade gap

The rupee sank to a fresh record low, breaching the 91-a-dollar mark for the first time on Tuesday, even as the government attributed the currency’s slide to the widening trade gap and developments related to the India-US trade deal.

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During the session, the local unit tanked below 91 and hit its lowest level of 91.14 against the US dollar. However, it recouped some of the losses towards the end of the session, settling at 90.93, down 15 paise from its previous close.

The Indian currency has logged a steep fall from 90-a-dollar level to 91 in the last 10 trading sessions. In the past five sessions alone, the unit has slipped 1% against the greenback.

The issue of the rupee’s decline came up in the Rajya Sabha on Tuesday.