*MUMBAI – India’s rupee hit fresh lows against the dollar Wednesday asemerging market currencies continue to be sold off.*

The under-pressure currency in Asia’s third-largest economy slid to 70.50to the greenback in late morning trade, a record low.

The rupee has been steadily falling throughout 2018 after starting the yearat 63.67.

Earlier this month it crossed 70 for the first time as India was buffetedby the turbulence of the Turkish financial crisis.

The rupee was not alone, with the currencies of other emerging economiesheavily dependent on dollar-dominated foreign capital like Brazil, SouthAfrica, Argentina and Brazil also slipping in August.

The rupee slump is widening India’s current account deficit, when the valueof imports exceeds that of exports.

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

High oil prices have been squeezing the rupee, making it less appealing toinvestors, analysts say.

India’s central bank has raised interest rates this year in part to helpincrease the value of the rupee. – APP/AFP