Economy

Rupee weakens further, hits fresh low to 72.64 against United States dollars

Rupee weakens further, hits fresh low to 72.64 against United States dollars

The value of the rupee hit another record low on Monday, as the trading week began with the rupee opening below the 72-mark against the dollar.

Emerging markets have been roughed up in the past month as contagion fears start to spread following a meltdown in the currencies of Argentina and Turkey.

The government, the official said, also has the option of tapping NRIs for raising foreign exchange but a decision in this regard would be taken after due consideration. "I don't anticipate the rupee to touch 21 against the dirham", he said.

However, the official said that the decline of rupee is not secular as the Indian currency has strengthened against British Pound, Euro, Chinese Yuan and Japanese Yen.

Earlier in 2013, when the rupee fell to Rs 67.85 to a dollar due to US Federal Reserve's "taper tantrums", the RBI came up with NRI bonds mobilising $26 billion through Foreign Currency Non-Resident Bank Account (FCNR-B) deposits.

The Indian rupee, according to Ahamed, is tracking global cues along with the rising oil prices which has been steadily increasing in the past three-four months and added to short-term fiscal pressure.

The domestic unit witnessed intense volatility and traded between 72.07 and hit all-time low of 72.64 during morning deals.

More news: Djokovic beats del Potro for third US Open title, 14th major

On Monday, Moody's Investors Service warned that ongoing free fall of the rupee is credit negative for Indian companies, especially for those that generate revenue in the rupee but rely on dollar debt to fund their operations and have substantial dollar-based expenses.

The Reserve Bank of India (RBI) and its peers in other emerging economies have been forced to defend their currencies recently in the wake of a confluence of dollar-supportive events.

India on Monday announced plan to tap its citizens overseas to improve remittances inflow.

The movement in the value of rupee against dollar since July 15, 2018.

Forex dealers said besides strong demand for the American currency, dollar buying by importers, mainly oil refiners in view of surging crude oil prices and capital outflows, weighed on the domestic currency.

The rupee has depreciated 14.13 per cent year-to-date against the UAE dirham.


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