Rupee Whiskers Away From All-Time Low, Closes at Rs 68.61 Against US Dollar
Market analysts have attributed the fall in Indian rupee, along with the Indonesian and Philippine currency, to the ongoing US-China trade wars.
New Delhi, June 27: The Indian rupee is whiskers away from crashing to an all-time low as it ended at Rs 68.61 against the US dollar today. Earlier in the day, the currency tinkered to Rs 68.70, touching a 19-month low after November 30, 2016, when the rupee had valued to Rs 68.67.
The all-time low of Indian currency was recorded on August 13, when the currency had plummeted to Rs 68.825 on August 28, 2013. The closing value today is merely 0.28 percent stronger than the all-time low value.
Market analysts have attributed the fall in Indian rupee, along with the Indonesian and Philippine currency, to the ongoing US-China trade wars.
In the past six months, the rupee has devalued by nearly 6.9 per cent, making it the worst performing currency in India. It is closely followed by Philippines peso and Indonesian rupiah that are down 6.7% and 4.3%, respectively.
"The Indian rupee fell to a 19-month low of 68.70, pressured by rising oil prices and continuing trade wars, which could result in more bouts of FII (Foreign Institutional Investors) outflows," said Deepak Jasani, Head of Retail Research at HDFC Securities.
Jasani said the surging crude oil prices will further deteriorate the rupee, possibly "bringing it below the Rs 70 mark" against the US dollar.
(The above story first appeared on LatestLY on Jun 27, 2018 07:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).