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The Indian rupee has fallen to its lowest level ever

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The Indian rupee has fallen to its lowest level ever

India’s currency posted its biggest single-day drop against the dollar on Wednesday since Aug. 13. Yesterday, the Indian currency closed at a historic low of 70.59 after hitting an all-time low of 70.65 due to demand at the end of the month from importers and overall concerns.

“The rupee depreciated today due to the dollar demand at the end of the month from importers, and crude oil prices on the international market rose in the last two sessions,” Rushabh Maru, Research Analyst Anand Rathi Shares and Stock Brokers said yesterday.

Yesterday, the yield on basic bonds rose more than 2 basis points during Tuesday’s close from 7.89% to 7.91%. The Indian rupee was also affected by the impact of the sharp devaluation of the Turkish lira and the accompanying decline in other emerging market currencies. The dollar-dollar index rose around 94.72, down from 94.77.

Radhika Rao, economist at DBS, said that, apart from worries about the growing deficit in the Canadian dollar and the fiscal deficit, three major factors led to the downward movement of the Indian rupee. “The feeling that the authorities tolerate

The weakest rupiah, reflected primarily in the exchange of real Indian rupee less

The slide caused factors such as crude oil prices, which hit their highest levels in several months due to supply shocks, as well as fears of widening current account deficits.

“The focus will now shift to India’s gross domestic product and fiscal deficit data due on Friday, the short term range of 70.20 and 70.75”, Rushabh Maru, Research Analyst, Anand Rathi Shares and Stock Brokers.

The rupee has fallen more than 10% this year so far, making it the worst currency in Asia.

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