Rupee Sinks To 2-Year Low; Set To Hit 67 As Draghi Disappoints

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, December 4, 2015, 9:14 [IST]

The Indian rupee hit a fresh 52-week low of 66.95 to the US dollar, as global markets faced a sell-off after ECB President Mario Draghi, did not expand the quantum of monthly easing as was largely expected.

European stock markets seen a huge sell-off with US and Asian markets following. This had an impact on currencies, with the Indian rupee also opening lower. Check and convert currencies

The Indian currency has also been reacting to reports that there is a strong possibility that the US Fed will hike interest rates later this month.

Should that happen we could see further pressure on the rupee. The Reserve Bank of India is unlikely to intervene too much and this could help exporters. In fact, the central bank may be comfortable with the currency at the current levels.

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