Horrific closing for rupee; Indian currency plunges to new all-time low of 74.07
There is no end in sight! The rupee has been falling and it is brooking no stopping. With RBI refusing to support it, experts have said it is set to fall as low as Rs 75.
There is no end in sight! The rupee has been falling and it is brooking no stopping. With RBI refusing to support it, experts have said it is set to fall as low as Rs 75. Will it. Well, it has made another attempt today and closed at a historic low, again. VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities said, "Indian Rupee continued to remain under pressure weighed by a further rise in long-term US Treasuries following non-farm payroll data. US 10-year yield jumps to a fresh 7-year high after unemployment rate falls to lowest in 49 years."
Rupee closed at new all-time low of 74.07, depreciating 30 paise further against the US dollar. It was the 6th straight session of rupee depreciating against the dollar.
China’s currency tumbled the most in almost two months as mainland markets re-opened after a week-long break amid worsening tensions with the U.S. and disappointing economic data. Onshore yuan declines as much as 0.5 percent to 6.9069 per dollar, the level last seen on May 2017.
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Sharma also added, "There has been some respite from crude, as Brent has cooled down to 82.89 odd levels from the four day’s high of 86.74. However, impact of falling crude was not seen on the rupee mainly due to strong dollar index and high US bond yield."