ZCZC
BCN-37
INDIA-RUPEE-USD
Rupee hits all-time low of 69.12 against US dollar
Mumbai, Jul 20, 2018 (BSS/PTI) – Continuing its slide for the third
session, the rupee today collapsed to a life-time low of 69.12 against the US
dollar after the Chinese central bank weakened its daily reference rate for
the yuan by the most in two years.
The yuan dropped further by 0.28 per cent to 6.7943 per dollar, its lowest
levels in a year following a rising slump in recent weeks as the trade war
between US and China brewed.
At the interbank foreign exchange market, the rupee opened higher at 69 a
dollar against 69.05 previously.
However, following the plunge in the yuan, the domestic currency fell to an
all-time intra-day low of 69.12 against the American currency, showing a fall
of 7 paise.
The rupee’s previous all-time intra-day low was 69.10, touched on June 28.
A mad rush for dollar was witnessed as importers expected further erosion in
the rupee value, forex dealers said.
Yesterday, the rupee took a hard 43-paise knock to close below the 69 level
for the first time at a historic low of 69.05 against the US currency as
upbeat comments on the US economy by the Federal Reserve chairman drove the
greenback to one-year high levels higher against global currencies.
Meanwhile, foreign Portfolio Investors (FPIs) sold shares worth a net of Rs
315.69 crore yesterday, provisional data showed.
The benchmark BSE Sensex rose by 71.68 points, or 0.20 per cent, at 36,422.91
in early trade today.
BSS/PTI/HR/1155