Indian rupee hits all-time low

14 August, 2018, 23:53 | Author: Corey Lynch
  • So far this year the Indian rupee has weakened 7.7% while foreign investors have sold $260.40 million and $5.43 billion in equity and debt markets respectively

The rupee has touched a new historic low hitting Rs 70 against the USA dollar.

The Indian rupee recorded a lifetime low during early trades on Tuesday as it hit 70.1 per dollar.

The rupee has been on a downward spiral throughout 2018 after starting the year at 63.67. It had ended at 68.84 to the dollar on Friday.

Lira is the national currency of Turkey, and a crisis has spooked investors, economists and policy makers, leaving them on a shaky ground.




"The RBI was there to curtail the volatility in early trade, but not in a big way", said a senior dealer at a foreign bank.

Analysts said a rise in the 10-year benchmark bond yield to 7.82 percent on Tuesday reflected concerns about rising government borrowing costs in the market. There is lot of panic demand seen from importers...the next short-term resistance is seen at 70.50, while the important resistance to watch out for the market will be 71 per dollar. On Monday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.91 against the United States currency amid fears that Turkish currency turmoil could turn out into global financial crisis.

"As currencies of other economies are also depreciating, intervention by the Reserve Bank of India, by selling dollars in the country, will not help much at this stage for stabilising the rupee", Garg told reporters.

In January, a dollar bought 3.7 units of the Turkish currency, meaning it has lost around 44 per cent of its value against the dollar this year. He opined that on a medium term basis, the rupee will need to depreciate further to keep up with the inflation differentials with other trading partners.

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