Forex, money markets closed today on account of Parsi New Year

New Delhi: Forex and money markets are closed on Friday on account of 'Parsi New Year'.

The rupee on Thursday slid 26 paise to close below the 70-mark for the first time against the US currency, hammered by strong dollar demand amid growing concerns over widening trade deficit.

The Indian currency collapsed to a historic intra-day trading low of 70.40 before closing at fresh life-time low of 70.15 per dollar, down by 26 paise or 0.37 per cent over the previous close.

Headwinds in the form of widening trade deficit due to surging crude prices amid unsupportive global factors kept forex sentiment shaky and largely weighed on the local unit.

Country's trade deficit soared to a near five-year high of USD 18 billion, data released by the commerce ministry on Tuesday showed.

The Indian currency has lost 10.5 per cent of its value this year so far against the backdrop of India's ballooning fiscal deficit and surging crude prices and mounting worries surrounding the US-China trade conflicts.

The Turkish Lira has lost more than 40 percent against the dollar this year, largely due to worries about President Tayyip Erdogan`s influence over the economy, his repeated calls for lower interest rates, and worsening ties with the United States, a Reuters report has said.

With Agency Inputs