Indian Rupee Hits Record Low Against Dollar

28 Juin, 2018, 15:56 | Auteur: Auguste Feret
  • Rupee breaches 69 per dollar for the first time may lead to high inflation worsen current account deficit

The rising dollar will also hurt Indian students studying overseas as the depreciation comes at a time when families remit funds for a new academic year.

The RBI is suspected to have sold dollars through state-run banks at around the 69.09 rupee level, traders said.

Another major factor weighing down the rupee is the ongoing trade turmoil between the world's two largest economies, the U.S. and China, which continues to roil forex market sentiments.

The Indian currency had touched its previous record low of 68.8650 per dollar on November 24, 2016.

The Indian currency has lost around eight per cent his year as foreign investors were pulling out funds from India and crude oil prices moved upwards.

Brokers said market sentiment was fragile following the rupee hitting a new low of 69.10 against the dollar amid rising crude oil rates.

Things have gone from bad to worse for the rupee, Indonesian rupiah and Philippine peso after the benchmark 10-year U.S. Treasury yield posted its first weekly close above the 3 percent threshold in almost seven years, a Reuters forex analyst wrote.

With crude oil prices screaming higher this week on the back of a big draw in U.S. inventories, supply disruptions in Canada and calls from the United States for its allies to stop importing Iranian crude as a part of new sanctions slapped on the country, it's clearly taken its toll on the rupee.

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A senior Indian finance ministry official, who declined to be identified as he is not authorised to speak to media, said the government and the central bank were closely monitoring and there was no need to panic.

The rupee collapsed to an all-time low of 69.10 against the USA dollar on Thursday morning as rising crude oil prices triggered worries about the further rise in the current account deficit and inflation.

The RBI's battle to contain a falling rupee just got tougher.

"Weakening at this pace shatters confidence". Markets expect RBI to manage the currency more effectively.

Patel said the subsequent decline in USD liquidity meant a "crisis" in global bond markets denominated in USA dollars will become "inevitable".

Oil prices have been rallying for much of 2018 on tightening market conditions due to record demand and voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

In March quarter, the CAD accounted for 1.9 per cent of GDP against 0.4 per cent in the same quarter of 2016-17.

The withdrawals have helped made the rupee the worst performer in Asia. To begin with, a depreciating rupee could put inflationary pressure on the economy. The US government is committed to using the fiscal levers to keep it that way. According to rating agency Moody's India is among the countries that are least vulnerable to currency pressures due to its low dependence on external debt.

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