Home / Front Page/ Indian Rupee hits record low of 71 per dollar

Indian Rupee hits record low of 71 per dollar


Comments / {{hitsCtrl.values.hits}} Views / Saturday, 1 September 2018 00:00

Facebook

Mumbai (Reuters): The rupee fell to a record 71 per dollar in opening trade on Friday, tracking weakness in almost all other Asian peers as the latest round of US-China trade tensions dulled investor risk appetite and gave a boost to the dollar.

The partially convertible rupee was trading at 70.93/94 per dollar, compared with its previous close of 70.74. It touched 71 per dollar in opening deals before recovering slightly on the back of dollar sales by State-run banks.

Traders said the Reserve Bank of India was likely sporadically selling dollars through State-run banks to prevent a sudden sharp fall but traders do not expect any major intervention as the fall has been in line with fundamentals.


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS