Indian Rupee Drops To Historic Low Against U.S. Dollar
October 09 2018 - 4:09AM
RTTF2
The Indian rupee drifted lower against the U.S. dollar in the
evening session on Tuesday, touching an all-time low, as emerging
markets fell after the downgrade of global growth forecast by the
International Monetary Fund, citing trade disruptions.
The Washington-based lender slashed the global growth forecast
to 3.7 percent for this year and next, from the 3.9 percent
predicted in April.
Further undermining the currency was a surge in oil prices,
which raised concerns over widening current account deficit in
India.
Persistent dollar strength also weighed on the currency, as U.S.
Treasury yields remained higher on hopes of further rate hikes in
the U.S.
Indian markets also declined, with the benchmark BSE Sensex
falling 198.84 points or 0.58 percent to 34,275.54, while the
broader Nifty index was down 53.35 points or 0.52 percent at
10,294.70.
The rupee breached the key 74 mark, falling 2.9 percent to a
record low of 74.53 against the U.S. dollar. The rupee had ended
Monday's trading at 72.45 against the greenback.
So far this year, the currency has fallen around 13.7 percent
against the U.S. dollar.
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