Rupee fell on Friday, ahead of the trade balance number that was released post market hours. India’s trade deficit for June widened to the highest level driven largely by a surge in oil prices, said Motilal Oswal.
Merchandise exports rose 17.57 percent Y-o-Y in June, the trade deficit widened to USD 16.6 billion from USD 14.62 billion in May. Oil imports during April- June 2018-19 were valued at USD 34.64 billion which was 49.44 percent higher as compared to the same period last year.
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