Rupee Drops To Lowest Level Since March 14

Posted By:
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    The rupee opened the day marginally lower at 65.82 to the dollar, but, soon slipped on dollar demand to 65.88. This was the lowest level that the rupee has seen since March 14 2017.

    Rupee Drops To Lowest Level Since March 14
    The currency has now shed as much as Rs 2, against the dollar this week and is among the worst performing emerging market currencies this week.

    Economic fundamentals are taking a turn for the worst, which is now worrying the forex markets. This includes a sharper than expected deterioration in the current account deficit and sustained selling by Foreign portfolio Investors in the Indian markets.

    Huge selling from Foreign Portfolio Investors (FPIs) has largely impacted the rupee as there is a resurgence of dollar demand. For the month of Sept, 2017, FPIs have net sold in the domestic markets to the tune of Rs 17,000 crores in the cash market.

    The dollar has also been gaining momentum against a basket of currencies and the latest tax reform initiatives of the Trump administration has bolstered the demand for the dollar.

    Check rupee vs global currencies here

    GoodReturns.in

    Read more about: rupee dollar currency
    Story first published: Thursday, September 28, 2017, 9:25 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    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