Rupee continues downward spiral, hits new record low of 72.91 against US dollar
Rupee
The rupee has been Asia's worst-performing currency this year, falling over 12% against the dollar. A number of reasons have been blamed for the slide.
The Indian rupee touched a new all-time low of 72.91 against the US dollar on Wednesday.
The rupee is now just 9 paise away from breaching the 73 level.
The rupee, which has been in a downward spiral recently, fell 22 paise on Wednesday. The BSE Sensex and NSE Nifty also dropped into negative territory.
The rupee has been Asia's worst-performing currency this year, falling over 12% against the dollar. A number of reasons have been blamed for the slide, including the rising prices of crude oil (India imports most of its oil), the trade wars set off by the US, which in turn are making jittery investors buy more dollars, thereby weakening the rupee.
The domestic currency (rupee) extended losses very quickly after opening at a record low against the US dollar today.The market sentiments were cautious ahead of IIP and inflation data scheduled to be released later today.
Rising crude oil prices, along with a widening current account, continued to put pressure on the rupee.Oil prices rose on Wednesday after a report of falling crude inventories and the looming sanctions against Iran fuelled expectations of a tightening market, said a Reuters report.
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The rupee has been the worst performing Asian currency this year. Despite strong GDP growth, the currency has weakened about 12 per cent this year amid higher oil prices and a broad sell-off in emerging markets, widening India's current account deficit and a worsening balance of payments that slipped into the red in April-June for the first time in six quarters.
Yesterday on September 11, 2018, rupee closed at a record low of 72.69 per US dollar, against a previous close of 72.45 per USD. Weakness in the currency, analysts said, was largely because of factors such as a surge in oil prices, trade war concerns along with lack of aggressive intervention by India’s central bank.