Rupee sinks to new record low of Rs 72.49 against U.S. dollar
11 September, 2018, 16:37 | Author: Eric Barnett
Continuing its slide, the rupee on Tuesday hit yet another record low of 72.73 against the USA dollar, falling 28 paise in late afternoon trade on strengthening American currency as crude oil prices went past the $78 a barrel mark.
On Monday, it ended at record closing low of 72.45 per dollar, down by 72 paise against Friday's close of 71.73.
The report on the weakening rupee was published on the day the Indian currency touched a new low of Rs 72.67 on Monday.
India's current account deficit (CAD) widened to United States dollars 15.8 billion in April-June in value terms this year as against USD 15 billion in the same quarter of 2017-18, mainly due to a higher trade deficit, according to RBI data released Friday.
Forex dealers said besides strong demand for the American currency, dollar buying by importers, mainly oil refiners in view of surging crude oil prices and capital outflows, weighed on the domestic currency.
On Monday, the rupee had plunged 71 paise or 0.98 per cent to 72.45 on rising crude prices and strengthening dollar.
Government officials communicated last week with the Reserve Bank of India on the need to intervene more aggressively in the market to support the rupee, the people said, asking not to be identified as the information is not public.
Also, the dollar's strength against its rival currencies overseas amid fears of a possible escalation in the US-China trade conflict too put pressure on the rupee, they said.
It would have an adverse impact particularly on those entities that generate revenue in rupees, but rely on USA dollar debt to fund their operations and have significant dollar-based costs, including capital expenses, it said.
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