Indian Rupee Hits Fresh Record Low Of 70.82 Per Dollar; Down 10% This Year

New Delhi: After a marginal gap down opening the Indian rupee touched a record low of 70.82 per dollar during intraday on Thursday.

It has opened marginally lower at 70.63  per dollar versus previous close 70.59.

Vivek Rajpal, Asia interest rates strategist, Executive Director, Nomura said, “One big reason why INR is behaving in this fashion is due to its sensitivity to oil prices which is very high. The market is generally differentiating between the current account deficit and current account surplus nations. In a way, INR is suffering due to current account deficit and its price sensitivity to oil prices.”

“We expect the INR to head towards Rs 71-72/USD but in the near-term there is a higher likelihood of consolidation at current levels,” he added.

On Wednesday, the rupee closed at a historic low of 70.59 after it plunged to all-time low of 70.65 on the back month-end dollar demand from importers and foreign capital outflows.

Yesterday rupee posted a biggest single session decline against US dollar since August 13, 2018.

The rupee has fallen by 10 percent this year so far – making it the worst-performing currency in Asia.

Courtesy: MoneyControl

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