Indian National Rupee treads at 74.10 versus the US dollar

Oct 09 2018 12:09 PM
Indian National Rupee treads at 74.10 versus the US dollar

Erasing all its morning gains, The Indian currency rupee opened up at historic low of 74.06 versus the US dollar. It is trading marginally lower at 74.10 per dollar on Tuesday which has opened higher by 19 paise at 73.87 per dollar against earlier close 74.06.

On Monday it closed inferior by 29 paise against  Friday's close 73.77.

Worth mention here Rupee touched a historic low of 74.22 per dollar on Friday after central bank kept the repo rate unchanged at 6.50 percent but changed the stance from Neutral to Calibrated Tightening.

Talking about the dollar then it slipped against Japanese currency yen following boiling anxiety about higher US bond yields, the Sino-US trade war and political uproar in Europe.

The 10-Year US Yields were last at 3.2404%, just off a seven-year highest point. Meanwhile, The International Monetary Fund lowered its international growth estimate for 2018 and 2019 to 3.7% - in both cases two tenths less than anticipated in July - due to the trade conflicts between the United States and China.

The downward revisions are rife throughout the world because growth has proven to be not as much as balanced than expected. The IMF also drew attention on the downward trend in the growth of Turkey, which will slip from 3.5% last year to just 0.4% in 2018 owing to the instability of the Turkish currency lira. For india, IMF keeps hold of FY 19 GDP growth estimate at 7.3%, while slash FY 20 GDP growth forecast to 7.4% v/s 7.5%.

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