Rupee Hits New All-Time Low Of 71.96 Against US Dollar. 10 Things To Know
- The dollar strengthened against a basket of currencies overseas as the US economy continued to exhibit strength amid a lingering threat of escalation in the US-China trade conflict, leading to a fall in the domestic unit.
- According to a Reuters report, Reserve Bank of India (RBI) likely intervened mildly in the forex markets on Wednesday, as the rupee hit a fresh low in line with other emerging market currencies hurt by dollar strength and simmering trade tensions. The RBI is expected to have sold dollars at 71.80 rupees per dollar in the local spot forex market to stem a sharp fall in the Indian currency.Most Asian currencies were subdued on Wednesday.
- "Rupee has been impacted by multiple factors - both economic as well as global trade related. On the global trade, some of the key factors which have lead to strengthening of the US dollar are the sanctions against Iran on oil and China on trade. The sanctions against Iran leading to a drop in supply of Iranian oil in the global markets, has led to firming up of oil prices. India being a heavy importer of oil, it is impacting the Indian economy on the current account and trade deficit as well as the fiscal deficit, leading to weakening of the rupee. We expect the rupee to continue to be weak till the oil prices do not cool down." told Salil Datar, Executive Director & CEO, Essel Forex Limited to NDTV.
- On Tuesday, the domestic currency had lost 37 paise to settle at a new lifetime low of 71.58 against the US dollar as persistent trade worries and macro concerns continued to bloom.Â
- The dollar had also drawn strength on Tuesday from upbeat US indicators supporting the case for further interest rate hikes by the Federal Reserve.
- The Indian rupee is Asia's worst performing currency so far this year due to higher oil prices, turbulence in emerging markets and simmering global trade tensions, reported news agency Reuters.
- Asian markets tracked their global peers lower while the safe-haven dollar hovered near a two-week high on Wednesday as heightened worries over international trade conflicts curbed investor appetite for riskier assets.
- Oil prices fell on Wednesday, partly reversing a strong jump from the previous day, as the impact of a tropical storm on US Gulf coast production was not as strong as initially expected.
- According to provisional data, foreign institutional investors (FIIs) bought shares worth a net of Rs 32.64 crore on Tuesday.
- Meanwhile, benchmark equity indices opened on a flat note on Wednesday. At 9:48 am, the S&P BSE Sensex declined 13.52 points or 0.04 per cent to trade at 38,144.40. The broader Nifty50 slipped 9.10 points or 0.08 per cent to trade at 11,511.20. (With agencies inputs)
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