Markets

Indian rupee hits all-time low

Indian rupee hits all-time low”

The cause of this fall has been attributed to fears over a rise in global protectionist measures, along with a strong United States economy. The rupee on Monday crashed by 110 paise, which is its biggest single-day fall in five years ending at a lifetime low of 69.93. The rupee has been on the downslide since the beginning of this year and has slipped around 9% in 2018.

The rupee settled almost unchanged on Tuesday, after weakening to a fresh all-time low of 71.10 against the USA dollar amid prevailing weakness in emerging market currencies.

The ongoing currency turmoil in Turkey has dampened investors' sentiments globally. "The dollar index has strengthened beyond 96 levels reflecting its safe-haven status due to a possible domino effect of the Turkey crisis on the other financial institutions".

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Rupee recovered from initial dip against U.S. dollar. He said that $23 billion of the country's foreign exchange reserves have been used to defend the rupee.

Economic Affairs Secretary Subhash Chander Garg said external factors may ease going forward.

"There is nothing to worry at this stage".

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According to NDTV, analysts have stated that crisis has been pending for a while and reflects Turkey's refusal to raise interest rates to curb double-digit inflation and cool an overheated economy.

India's retail inflation dropped to a nine-month low of 4.17% in July from 4.92% a month ago on the back of softening food prices and a favourable base.

"Turkish lira plunged another 7 per cent today and that caused a chaos in the emerging market space, with South African rand depreciating by nearly 10 per cent. Dollar-Rupee could not withstand that pressure", Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, said.

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