USD/INR hits record high of 70.32

• INR takes a beating on widening trade deficit and broad-based USD rally against Asian peers.
• USD/INR hit a new lifetime high of 70.32.

At press time, the USD/INR is trading at 70.20, having clocked a record high of 70.32 earlier today.

The Indian currency fell past 70 per US dollar earlier this week, courtesy of the broad-based sell-off in the Asian currencies.

The INR's pain has been accentuated by worsening economic data. India’s trade deficit widened to a more-than-five-year high of $18.02 billion in July, the trade ministry said on Tuesday, according to a Reuters report.

As a result, the odds of a further drop in INR are high, although a temporary relief cannot be ruled out, courtesy of US/China trade talk news.