Indian Rupee Continues To Stumble Against US Dollar

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The Indian Rupee vs US dollar debate continues, as Indian rupee continued its downfall to close at 72.45 against the US dollar. The rupee had early on Monday hit an all-time low of 72.67 in the afternoon trading session before recovering a little to end at 72.45. The currency slipped 90 paise in the day from 71.73 to record the highest single-session slide since August 13.

 

Indian Rupee vs US dollar

 

Multiple factors are responsible for the rupee’s poor showing in the Indian Rupee vs US dollar comparison. Reasons such as global trade war concerns, sell-off in emerging markets along with worries on domestic front after the trade and current account deficits widened, weighed on it.

 

Latest India Business News Headlines 11th September 2018

 

The growing fears of an escalation between US-China in the trade conflict put pressure on the rupee on Monday. Asian shares also started the week in the red, faltering for the eighth straight day while the dollar climbed as Trump raised the stakes in the heated trade dispute with China.

 

 This along with heavy buying of the dollar by importers, mainly oil refineries who are fearing a surge in crude oil prices and capital outflows as oil prices have risen as US’s drilling for new production has stalled and as the market eyed tighter conditions once Washington’s sanctions against Iran’s crude exports kick in from November, weighed in heavily on the domestic currency.

 

US-China in the trade conflict

 

The slump of the rupee also impacted the equity markets with the 50-share NSE Nifty down more than a percent.

 

The Reserve Bank of India did not interfere with the rupee’s position on Monday as it had done last Friday when it had intervened in the foreign exchange markets to ensure the rupee did not slide past the 72mark.

 

However, the Indian rupee has fared well compared to other global currencies in the recent past. It has shown strong showings to rise against the Australian dollar, British pound and euro and the Japanese yen to establish itself as a strong currency in the international market.

 

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