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Rupee slumps to fresh record low of 72

Rupee slumps to fresh record low of 72.35 on strong dollar demand

Mon Sep 10 2018


The rupee slumped 62 paise to a fresh record low of 72.35 due to strong demand for the US currency from importers and strengthening of dollar against other currencies overseas on upbeat jobs data.


At the Interbank Foreign Exchange (Forex) market, the local currency opened at a record low of 72.15 a dollar from its previous close of 71.73. The domestic unit hovered in a range of 72.35 and 72.08 before quoting at 72.31, down 58 paise at 10.20 am local time.


The rupee had breached its previous record low of 72.11 hit on September 6. Meanwhile, the Sensex dropped nearly 300 points to intraday low of 38,098.69  owing to negative global cues, weakening of rupee to a fresh record low of 72.35 and widening of current account deficit to $15.8 billion in April-June this year.


Forex dealers said besides strong demand for the American currency, dollar buying by importers, mainly oil refiners in view of surging crude oil prices and capital outflows, weighed on the domestic currency.


Also, the dollar’s strength against its rival currencies overseas amid fears of a possible escalation in the US-China trade conflict too put pressure on the rupee, they said.


On Friday, the rupee had closed higher by 26 paise at 71.73 on heavy intervention by the Reserve Bank of India.


Source: Hindu business line.

Tuesday, September 18, 2018
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