Rupee plunges even lower, hits 70.32 against the dollar

The rupee plunged even lower Thursday, hitting a new low of 70.32 against the dollar. 

The rupee had breached the 70 mark for the first time Tuesday 

There are a number of reasons for the rupee's slide against the dollar. 

The Turkish lira is in freefall because of its trade spat with the US

China and the US are in the middle of a a full-blown trade war although China announced Thursday that it was sending a negotiator to the US later this month for trade talks. 

And of course the prices of crude are up.  

India is a massive net importer of oil, securing more than two-thirds of its needs from abroad. 

Analysts say the high crude prices are squeezing the rupee, making it less appealing to investors.

The rupee has been on a downward spiral throughout 2018 after starting the year at 63.67.

The fall in the rupee is leading to a widening of India's current account deficit, when the value of imports exceeds the value of exports, they say.

(With inputs from AFP)