SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 14 Aug, 2018  

Rupee.9.Thmb.jpg Rupee hits record-low of 70.08 against USD

Rupee.9.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 14 Aug, 2018

Continuing its downward journey, the Indian rupee hit a fresh intra-day low of over 70 against a US dollar during the pre-afternoon hours on Tuesday.

Around 11.00 a.m., the rupee plunged to 70.08 to a US dollar. However, soon afterward the Reserve Bank of India (RBI) is said to have intervened in the open market to curb the rupee's free fall.

The intervention aided the rupee stabilise just a tad below 70 to a USD at 69.98 around 11.05 a.m.

On Monday, global protectionist measures, along with the outflow of foreign funds, weakened the Indian rupee to its record low of 69.94 per dollar, weaker by Rs 1.11 from its previous close of 68.83 per greenback.

"Turkish lira plunged another 7 per cent today and that caused a chaos in the emerging market space, with South African rand depreciating by almost 10 per cent. Dollar-Rupee could not withstand that pressure," Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, said.

"Over the near term, trend of USD/INR will be dictated by Turkish lira and Euro/USD. Technically, as long as the pair holds above 69 on spot, trend remains upward. Resistance around 70 and then between 71.50/72 on spot."

Banerjee predicted an immediate range from Rs 69 to Rs 71 per US dollar.

Recent US-imposed sanctions and tariffs on Turkey have had an impact on its
currency.

Apart from global cues, outflow of foreign funds from the Indian equity and bond markets has had an adverse impact on the rupee.

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 971.86 crore on Monday.

"Fears of outflows from Indian equity and debt markets led to a panic sell-off. However, July CPI coming in at 4.17 per cent will relieve some pressure on interest rates and the rupee in the near term," said Deepak Jasani, Head of Retail Research at HDFC Securities.

"Further rise in crude prices or fresh trouble in the emerging markets, Euro area could result in risk-off sentiments setting in resulting in a fresh round of weakness for emerging market currencies including India despite intermittent RBI intervention from time to time."

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter