Rupee Dives to New Lifetime Low of $ 72.67 Against US Dollars ~ Accurate Pedia

Rupee Dives to New Lifetime Low of $ 72.67 Against US Dollars

Rupee Dives to New Lifetime Low of $ 72.67 Against US Dollars: INR vs. USD: On Friday, the rupee rose 26 points to 71.76 against the dollar.

Rupee Dives to New Lifetime Low of $ 72.67 Against US Dollars

The rupee crashed to a new low of $ 72.67 against the US dollar today, the news agency Press Trust of India (PTI) reported. The decline in the rupee is due to the widening trade deficit and strong demand from importers for the US currency, as the US dollar has rebounded against other foreign currencies due to the positive US labor market data, according to forex traders in a report cited by PTI. The local currency opened at $ 72.15, a record high of 71.73. It broke its previous record low of 72.11 hit on September 6.

Here are some important things to know about the rupee movement against the dollar today:

1. According to the foreign exchange traders, in addition to strong demand for the US currency, importers, especially oil refineries, were a drag on the national currency in the face of rising crude oil prices and capital outflows.

2. The strength of the dollar against its rival currencies overseas in the face of fears of a possible escalation of the trade conflict between the US and China also put the rupee under pressure.

3. The Reserve Bank of India, however, has not been seen actively intervening in the currency markets, according to Reuters.

4. "This depreciation is also in line with emerging market exchange rates, which were mainly fed by dollar strength ... other factors that are leading to a weakening of the INR are persistent global trade disputes, and the Fed's monetary policy announcements could be separate Have led investment diversification with a derived pressure on the INR rating, "said Anis Chakravarty, lead economist and partner of Deloitte India.

5. "US non-farm labor market data came in better than expected, so markets are expecting two more interest rate hikes by the Fed, one in September and another in December." RBI is virtually nonexistent, so speculative buying in the market is the focus is now being "relocated" to India IIP (Industrial Production Index) and CPI (Consumer Price Index), said Rushabh Maru, Research Analyst, Anand Rathi Stocks and Stockbrokers on NDTV.

6. The 10-year bond yield rose to its highest level since the end of 2014, as concerns over higher crude oil prices and a weaker rupee supported inflation concerns. The 10-year benchmark bond yield rose to 8.12 percent, its highest level since November 28, 2014. The 10-year bond closed at 8.03 percent on Friday.

11. On Friday, the rupee rose 26 points to 71.76 against the dollar. The rise in the value of the rupee against the dollar came after seven days of devaluation. The Reserve Bank of India (RBI) massively intervened in the FX market on Friday, building a sizeable defense of the 72-rupee on the dollar, according to a Reuters report.

12. Meanwhile, Monday's benchmark stock indices hit the week's reds with negative Asian signs. At 12:29, the S & P BSE Sensex fell 369.53 points or 0.96 percent to 38,020.29. The wider Nifty50 traded at 11,471.80, down 117.30 points or 1.01 percent.

13. Asian equities also started the week in the red and stumbled for the eighth even day as the dollar climbed as US President Donald Trump increased its share in the heated trade dispute with China.

14. Oil prices stagnated in the commodities market as US drilling for new production faltered and the market considered stricter conditions as soon as Washington's sanctions on Iran's crude oil exports began in November. (With agencies input)

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