Rupee Reverses Day's Losses To Close Above 70 Per Dollar: 10 Points

14 August, 2018, 23:53 | Author: Kevin Carter
  • Rupee Hits All Time Low Against USD 10 Things To Know

"Rupee is depreciating due to external factors", he said.

The rupee recovered from all-time low of 69.91, gaining 11 paise to 69.80 against the U.S. dollar in early trade, on some macroeconomic boost.

He said that even if the rupee falls to 80 per dollar, "it will not be a concern provided all other currencies depreciate in the same range". There is "nothing at this stage to worry".

However, Economic Affairs Secretary Subhash Chander Garg said external factors may ease going forward. It, however, recovered from the all-time low.

Analysts say the high crude prices are squeezing the Indian currency, making it less appealing to investors.

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"There is no point spending a lot of dollars in defending a rupee when the force of the fall is so strong across emerging markets", said a senior forex dealer at an Indian state-run bank.

The currency crisis has been observed across Asian markets, causing a weakening in domestic equities, sparked majorly by the Lira crisis.

B Prasanna of ICICI Bank said the rupee is the victim of a contagion effect impacting all emerging markets (EMs) triggered by the Turkish crisis. "Hence, an absence of aggressive intervention by the RBI has spooked the market", he said.

The rupee recovered three paise from the previous day's close of 69.93.

Reuters reports that Indonesia's central bank intervened yesterday to protect the currency, and is scheduled to make an interest rate announcement tomorrow. While the government has blamed "external factors" for the rupee's fall to an all-time low against the USA dollar and said there is nothing to worry, the Opposition has come all out with their opinions on Twitter.

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