For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Vertical fall in rupee; within striking distance of 70

|
Vertical fall in rupee; within striking distance of 70
The rupee breached the 67 and then the 68 mark against the dollar with considerable ease sending a shiver down the spine of stock markets. The rupee was last trading at 68.52 paise, down 228 paise over Wednesday's close.
 

Worries over military intervention in Syria has seen emerging market currencies tumbling against the US dollar, but, the Indian rupee has been the worst performer in recent weeks.

Dealers say that countries like India and Indonesia which have a high current account deficit are particularly vulnerable to a sharp slide in their currencies.

Month end dollar demand from crude importers further fuelled demand for the Indian rupee. In fact, the Indian rupee has been one of the worst performing Asian currencies this year, dramatically eroding the portfolio value of foreign funds.

A further decline towards the 70 level cannot be ruled out, should there be a military strike on Syria.

GoodReturns.in

Read more about: dollar syria
Story first published: Wednesday, August 28, 2013, 10:47 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more