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Indian rupee crashes to all-time low against US dollar
The rupee on Monday crashed by a mammoth 110 paise to end at a lifetime low of 6993 against the US dollar as the greenback gained rapid strength amid fears that economic crisis in Turkey could spread to other global economies This is the biggest single day fall for the rupee in the past five years
Mumbai: The rupee on Monday crashed by a mammoth 110 paise to end at a lifetime low of 69.93 against the US dollar as the greenback gained rapid strength amid fears that economic crisis in Turkey could spread to other global economies. This is the biggest single day fall for the rupee in the past five years.
The rupee also ended lower against British pound, euro and Japanse yen. The rupee had opened strong by 41 paise at 68.42 against the US dollar in early trade today, helped by revived sentiments following optimistic macroeconomic outlook. However, it soon reversed the gains and plunged to an early low of 69.62 in line with weakening domestic equities. It remained under intense pressure later in the day and eventually took a deep slide to end at a lifetime low of 69.93, revealing a steep loss of 110 paise, or 1.60 per cent.
Lack of FII inflows and growing oil prices are also affecting the rupee, a PSU bank official said. “RBI will not be comfortable at these levels. It was seen defending rupee at all levels,” said a senior treasury official of a public sector bank, while predicting that the rupee may fall to 70 levels against the dollar soon.
