Indian Rupee Slides To All-time Low Against U.S. Dollar
September 06 2018 - 02:58AM
RTTF2
The Indian rupee nose-dived against the U.S. dollar on Thursday,
falling below the 72 mark, amid persistent sell-off in emerging
markets driven by worries over global economic growth.
Global trade concerns remained at the fore ahead of the deadline
for public consultation on possible new U.S. tariffs on Chinese
products worth $200 billion.
The rupee declined for the seventh consecutive session against
the U.S. dollar, touching a historic low of 72.18. This was 0.9
percent lower from Wednesday's closing value of 71.54.
The currency has lost almost 12 percent against the greenback
during the year.
Finance Minister Arun Jaitley blamed the weakness in the rupee
to global factors and said that there was no need for "panic and
knee-jerk reactions."
"There are no domestic reasons... Reasons are global. In the
last few months, the dollar has strengthened against every
currency," Jaitley said Wednesday.
Meanwhile, Indian markets recovered, with the benchmark 30-share
BSE Sensex rising 224.50 points or 0.59 percent to 38,243, while
the broader 50-share Nifty index advanced 59.95 points or 0.52
percent to 11,537.
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