Rupee slides 26p to close below 70-mark

Mumbai: 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 lifetime low of 70.15 per dollar, down by 26 paise or 0.37% over the previous close. The RBI intervened in the currency market to save the beleaguered currency, currency traders said. Emerging market currencies and stocks remained in the investors’ cross hairs as worries mounted despite fresh rally for the Turkish lira. PTI