Indian Rupee Extends Decline To All-time Low Against U.S. Dollar
September 04 2018 - 3:39AM
RTTF2
The Indian rupee continued its sharp sell-off against the U.S.
dollar on Tuesday, slumping to a historic low, as escalating global
trade tensions and higher oil prices kept investors cautious.
The fall in the rupee intensified due to a strengthening dollar,
which lifted up on fears of a Chinese slowdown and economic
turbulence in emerging market economies.
U.S.-China trade tensions remained in focus ahead of looming
U.S. tariffs on Chinese imports as early as this week.
Meanwhile, talks between U.S. and Canadian negotiators will
resume on Wednesday after they failed to reach an agreement last
week.
Besides the Indian rupee, other emerging market currencies such
as Indonesian rupiah, Turkish lira, South African rand, Russian
rouble and Mexican peso also skidded against the dollar.
Breaching the key 71.5 level, the rupee collapsed to a record
low of 71.60 against the greenback. This represented a 0.6 percent
drop from Monday's closing value of 71.16.
Indian markets fell, with the benchmark 30-share BSE Sensex
declining 154.60 points or 0.40 percent to 38,157.92, while the
broader 50-share Nifty index dropped 62.05 points or 0.54 percent
to 11,520.30.
US Dollar vs INR (FX:USDINR)
Forex Chart
From Mar 2024 to Apr 2024
US Dollar vs INR (FX:USDINR)
Forex Chart
From Apr 2023 to Apr 2024