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Rupee Logs Its New 2019 Low of 72.03

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Rupee resumed trade on a weaker note, dropping by 13 paise to 71.94 per dollar against its previous close of 71.81. It touched a new 2019 low, breaching 72 levels to 72.03 per dollar while remaning highly volatile.

Rupee Logs Its New 2019 Low of 72.03
 

Possibility of a stimulus measure by the government to bolster the ailing economy have now dimmed as few of the government and corporate executives have virtually ruled it out. On Thursday CEA said, "profit is private, losses are public" was not good economics.

Also Rahul Bajaj from Bajaj Auto said that before asking for the stimulus to revive the ailing sector, the automobile industry on the whole should look at its shortcomings.

On Thursday, rupee was dragged to its lowest level of 2019 as sudden weakness in the Yuan currency also weighed on the rupee.

Other factors fuelling losses in the domestic currency have been the gains in the dollar as well as rise in crude oil price.

FPI outflow is another big reason playing havoc to the financial markets including currency markets.

Bond yield however stood at 6.573%.

Meanwhile, equities were further battered in trade today, following Thursday's jitters, with Sensex down 0.64% and Nifty trading at 10,680.5 points.

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