Rupee opens at a fresh record low of 72.15 today

Sep 10 2018 10:52 AM
Rupee opens at a fresh record low of 72.15 today

New Delhi: The Indian rupee opened at fresh record low 72.15 against the US dollar on Monday at 9.11 am. The Indian currency was trading low by 59 paise.

For the second straight week, the suffering on its free fall last week as pesky concerns over hike in crude oil prices and trade war clashes continued to hurt forex market sentiment.

Rupee crashed below the 72-level for the first time ever to cross a historic low of 72.11 before closing at 71.73. It showed a steep loss of 73 paise.

The Reserve Bank of India got involved heavily in the forex market on Friday, mounting a frightening defense of the 72 rupee to the dollar mark in a setback of its light-handed approach in the most recent weeks.

The rupee has been under massive pressure due to a series of reasons including high-ceilinged crude oil prices, sustained foreign fund outflows and broadening current account deficit amid escalation in global trade war quarrel.

India's present account deficit (CAD) has been worsening since the last fiscal.

The domestic unit continues to be most awful performer among Asian currencies, having diluted by almost 13 per cent since the start of the year. It also took a stern thrashing against the British pound, euro and Japanse yen.

 

 

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