Rupee Falls To Fresh 16-Month Low Against US Dollar: 10 Things To Know
- Higher crude oil prices and losses in Asian currencies weighed on the domestic unit, say traders. (Also read:Â Petrol, diesel prices scale new highs)
- "Over the weekend US and China agreed to bring to an end the trade tensions. US and China both would not impose any fresh tariffs and China has agreed to step up purchases of US goods to reduce the trade imbalance. This development though has not had any impact on the dollar," forex advisory firm IFA Global said in a note.
- According to IFA Global, the dollar-rupee pair is likely to trade in the range of 67.95-68.30 with upside bias.
- The rupee is down about 6 per cent so far this year against the US dollar. Some experts believe that the possibility of the rupee heading towards the 70 mark against the US dollar is increasing.Â
- In a blog post, market analyst Ambareesh Baliga said the rupee is expected to trade in the 67.72-68.20 range in the near term. "A breakout beyond this range should trigger the next leg of weakness," he said.
- Outflows from domestic capital markets also hurt the rupee. Foreign portfolio investors (FPIs) net sold shares worth Rs 166.15 crore while domestic institutional investors (DIIs) bought equities worth Rs 149.58 crore on Friday, provisional data showed.
- Global oil prices have crept closer to $80 per barrel, a level it has not seen since November 2014.
- Annual retail and wholesale inflation accelerated in April, mainly due to higher fuel and food prices.
- Some economists have changed their views to expect a more hawkish Reserve Bank of India (RBI) at its policy meeting next month.
- Trade deficit widened to $13.72 billion in April from $13.25 billion a year ago and could rise further with India importing 80 per cent of its oil needs.
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