Will Rupee Slide To 70 Per Dollar? 5 Reasons Why Rupee Is Falling
After posting strong gains against the US dollar in 2017, the rupee has fallen sharply against the greenback this year. The rupee is down about 6 per cent so far this year against the US dollar. The rupee is close to 68 levels per US dollar on Friday. Some experts believe that the possibility of the rupee heading towards the 70 mark against the US dollar is increasing. "Macros are stacked against the rupee...and the possibility of rupee hitting 70 soon is increasing," forex advisory firm IFA Global said in a note.
"The current bout of rupee weakness does not just seem like a passing phase. The inflation dynamics have changed. India is vulnerable to rising crude prices," IFA Global said.
Here are five reasons why the rupee is falling against the US dollar (INR vs USD):
Global oil pricesannual retail and wholesale inflationTrade deficit widened to $13.72 billionboosted the dollar Indian bonds
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