Economy, News, Public Finance

Rupee Reaches Record Low As It Now Stands At 69.12 Against US Dollar

The rupee broadened Thursday’s losses as it hit a record low of 69.12 for each dollar in early exchange on Friday, following weakness in the yuan, reported news agency. The rupee was exchanging at 69.11/12 for per dollar starting at 9:20 am, compared with the past close of 69.0650/0750.

According to agencies, apart from a strong dollar, weakness in the domestic bourses along with persistent outflow of foreign funds continued to dampen the domestic currency. During the week from July 16-19, FIIs have off-loaded funds worth Rs 1,615.36 crore in the domestic markets.

Five things you should know about the rupee’s fall today:

1.)A mad rush for the dollar was witnessed as importers expected further erosion in the rupee value, forex dealers said.

2.)Meanwhile, Foreign Portfolio Investors (FPIs) sold shares worth a net of Rs 315.69 crore yesterday, provisional data showed

3.) Recently, the rupee took a hard 43-paise  to close below the 69 level out of the blue at a historic low of 69.05 against the US cash as energetic remarks on the US economy by the Federal Reserve chairman drove the greenback to one-year high levels higher against worldwide monetary standards.

4.)  The rupee is one of the worst performing monetary standards in Asia and down more than 8 percent against the greenback so far this year.

5.)  The rupee continued its downfall following the weakness in the domestic bourses, which was weighted down by the political developments and negativity among the global peers; ended at a record low of 69.05 yesterday. Last time, currency touched an all-time closing low of 68.9413 on July 05. Yesterday, it opened at 68.68 a dollar and touched a low of 69.07 a dollar,” Geojit Financial Services said in a note.

 

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