Rupee Closes at a Fresh All-Time Low of 72.97/Dollar

Subscribe to GoodReturns
For Quick Alerts
Subscribe Now  
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    The Indian rupee dived 46 paise from the previous close to settle at a new all-time low of 72.97 against the US dollar. This marks a 13.50 percent drop in rupee value so far for the year.

    Rupee Closes at a Fresh All-Time Low of 72.97/Dollar

    The government's measures announced last Friday to support the currency failed to convince the market participants who continue to remain bearish. The RBI's (Reserve Bank of India) intervention did not help either. Investors now await an interest rate hike in the upcoming monetary policy meet to help the rupee.

    As for the Indian stock exchanges, losses were extended to the second consecutive day mainly due the fall of the PSU (public sector unit) stocks that reacted to the news of Bank of Baroda, Dena Bank, and Vijaya Bank merger. BSE's Sensex fell by 294.84 points, or 0.78 percent to 37,290.67, while the NSE's Nifty 50 dropped 98.85 points, or 0.87 percent to close at 11,278.90.

    Meanwhile, the International Monetary Fund (IMF) on Tuesday said that the rupee has 'effectively' depreciated only 6 to 7 percent this year after adjusting to inflation, which is close to half of the actual drop in its value for the year.

    Read more about: rupee
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'
    India's LARGEST EVER political poll. Have you participated yet?

    Find IFSC

    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