Rupee Plunges to 9-Month Low Of 68.83 To The Dollar

The rupee plunged to a new 9-month low of 68.83 to the US dollar.

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The rupee plunged to a 9-month low of 68.83 against the US dollar. The drop in the rupee was a fall for the 5th straight day in a row. The currency has been on a huge drop, thanks to capital outflows being seen through Foreign Portfolio Investors, due to rising bond yields in the US.

Rupee Plunges to 9-Month Low Of 68.83 To The Dollar
In fact, the dollar has risen against a basket of currencies and the worst impacted are the emerging market currencies. On Wednesday, the rupee closed a staggering 23 paise lower at 68.56.

The rupee has been declining after worries that US President elect Donald Trump's policies could be inflationary and this could lead to higher bond yields. A spike in bond yields means a surge in capital outflows from emerging markets.


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