LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Indian Rupee today: No relief, currency crashes yet again; here is why

The Indian rupee Wednesday plunged by 43 paise to breach the historic low of 73 level as soaring crude oil prices fuelled worries over capital outflows and widening current account deficit. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Indian Rupee today: No relief, currency crashes yet again; here is why
The domestic currency closed at a record low of 73.34, down by 43 paise or 0.59 per cent at the interbank foreign exchange here. Image source: Reuters
Written By: PTI
Updated: Wed, Oct 03, 2018
07:22 pm
PTI
RELATED NEWS
Earthquake in Uttarakhand Today: Strong quake of magnitude 4.0 shakes hill state, spreads panic Earthquake in Uttarakhand Today: Strong quake of magnitude 4.0 shakes hill state, spreads panic
LPG Price Today: BAD News! Govt hikes cooking gas price; check new price that you will have to pay from today LPG Price Today: BAD News! Govt hikes cooking gas price; check new price that you will have to pay from today
Driving Licence Apply Online: Aadhaar card holders need not stand in queue after this central government's decision; details at parivahan.gov.in Driving Licence Apply Online: Aadhaar card holders need not stand in queue after this central government's decision; details at parivahan.gov.in
Killer Bird Flu Alert: Do NOT eat eggs, chicken prepared this way; 10-pt Warning issued by FSSAI over avian influenza virus; check full list Killer Bird Flu Alert: Do NOT eat eggs, chicken prepared this way; 10-pt Warning issued by FSSAI over avian influenza virus; check full list
Big blow for China! India may impose huge duty hike on these Chinese imports; Anil Singhvi explains booster shot for GNFC Big blow for China! India may impose huge duty hike on these Chinese imports; Anil Singhvi explains booster shot for GNFC

The Indian rupee Wednesday plunged by 43 paise to breach the historic low of 73 level as soaring crude oil prices fuelled worries over capital outflows and widening current account deficit. The domestic currency closed at a record low of 73.34, down by 43 paise or 0.59 per cent at the interbank foreign exchange here. In the day trade, the rupee crashed to its all-time low of 73.42 per dollar as crude oil prices breached the USD 85 per barrel mark, leading to huge outflows of cash.

Investors remained concerned over sustained foreign capital outflows and soaring crude oil prices, analysts said. After breaching the US 85 per barrel level, the benchmark Brent crude stayed near four-year high levels at USD 84.86 per barrel. According to the provisional exchange data, foreign investors withdrew Rs 1,550 crore on a net basis from capital markets on Wednesday.

Rising US interest rates and bond yields have encouraged investors to pull out funds from emerging markets to pocket better returns, analysts said. "The rupee has made a new record low today on the back of consistent rise in the crude oil prices. A sharp rise in crude oil along with steep depreciation in the rupee might push inflation higher in coming months," Rushabh Maru - Research Analyst, Anand Rathi Shares and Stock Brokers.

The Reserve Bank refused to open a special window for oil marketing companies which affected market sentiments, VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities. Stocks also fell by more than 1.5 per cent due to the rupee falling to record low levels. The benchmark BSE Sensex plunged by 550 points or 1.51 per cent while the broader Nifty tanked 150 points or 1.38 per cent.

The rupee opened lower at 73.26 per dollar due to high crude oil prices against the last close of 72.91 per dollar. The currency pared some losses to touch a high of 72.90 per dollar on market speculation that RBI may open special dollar window for oil companies. However, without any clear signals from the central bank, the rupee crashed to all-time lows before settling at 73.34.

Meanwhile, the FBIL set the reference rate for the dollar at 73.02 per dollar. The reference rate for euro was fixed at 84.57 against 84.37 previously and for the British pound at 94.98 against 94.88 on October 1. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
india
RELATED NEWS
Earthquake in Uttarakhand Today: Strong quake of magnitude 4.0 shakes hill state, spreads panic Earthquake in Uttarakhand Today: Strong quake of magnitude 4.0 shakes hill state, spreads panic
LPG Price Today: BAD News! Govt hikes cooking gas price; check new price that you will have to pay from today LPG Price Today: BAD News! Govt hikes cooking gas price; check new price that you will have to pay from today
Driving Licence Apply Online: Aadhaar card holders need not stand in queue after this central government's decision; details at parivahan.gov.in Driving Licence Apply Online: Aadhaar card holders need not stand in queue after this central government's decision; details at parivahan.gov.in
Killer Bird Flu Alert: Do NOT eat eggs, chicken prepared this way; 10-pt Warning issued by FSSAI over avian influenza virus; check full list Killer Bird Flu Alert: Do NOT eat eggs, chicken prepared this way; 10-pt Warning issued by FSSAI over avian influenza virus; check full list
Big blow for China! India may impose huge duty hike on these Chinese imports; Anil Singhvi explains booster shot for GNFC Big blow for China! India may impose huge duty hike on these Chinese imports; Anil Singhvi explains booster shot for GNFC

LATEST NEWS

Nureca IPO Listing Today: Stock lists at a premium; Anil Singhvi reveals complete investment strategy, stop-loss and more

Stocks to buy with Anil Singhvi: Market analyst Vikas Sethi picks Mahindra EPC, Bandhan Bank for big gains

Stock Market Alert! Angel Broking makes it possible for Dalal Street investors to make money from Wall Street

CBSE class 10 Syllabus reduced in this subject: Attention students! CBSE board exam 2021 syllabus has been cut for social science subject; Know how to download

Naandhi Box Office Collections Worldwide: Shouting success! Blockbuster justice! Allari Naresh says thanks to fans for so much love

NSE glitch: Anil Singhvi demands investigation on market action between 3-3:30 pm; asks who caused huge jump in Bank Nifty and Nifty when FIIs were net sellers?

One QR Code for all apps: Now, scan code from Google Pay, Paytm, PhonePe, Bhim UPI and more at all IOC petrol pumps for hassle free transaction

ZeeBiz raises critical questions on NSE trading glitch; Anil Singhvi demands inquiry, asks who will pay compensation for loss?

Gold Price Today – Price fall continues, yellow metal cheaper by Rs 80; Silver expensive by Rs 495 when markets opened on Thursday

Nureca listing today: Share price shoots up, lists at Rs 615, gives stellar returns to retail investors

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved