Rupee hits lifetime low of 70 per dollar

Ann Santiago
August 15, 2018

Attributing the fall in rupee value against the US dollar to "external factors", Economic Affairs Secretary Subhash Chandra Garg said on Tuesday that there is nothing to worry about as long as the depreciation is in line with other currencies.

The Financial Benchmarks india private limited (FBIL) today fixed the reference rate of the rupee at 69.7696 against the U.S. dollar and 79.6997 for the euro.

The Reserve Bank of India was seen intervening to stem a sharp fall in the rupee, two dealers said. It had opened marginally higher at 69.85 against the greenback on Tuesday morning.

Technical pattern indicates that the rupee could further depreciate towards 71 per dollar. While the government has blamed "external factors" for the rupee's fall to an all-time low against the United States dollar and said there is nothing to worry, the Opposition has come all out with their opinions on Twitter. The rupee has been suffering due to turmoil in the Turkey currency market raising concerns that it may impact financial institutions in Europe. "If global concerns were to persist, the rupee may even slide to 72 against the dollar", Abhishek Bansal, Founder and Chairman, ABans Group of Companies told Moneycontrol.

The currency traded at 69.93 on Monday against its Friday's close of 68.83, which was a biggest single session decline against the dollar since September 3, 2013.

"The Indian rupee just gave the Supreme Leader a vote of no confidence, crashing to a historic low", Rahul Gandhi, president of the main opposition Congress party, said in a tweet referring to his rival Modi.

Research Analyst at Anand Rathi Shares and Stock Brokers, Rushabh Maru said the rupee extended losses today on account of panic demand from importers.

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