India's rupee hits record low against the dollar

Arun Jaitley,Rupee,Rupee falls

Arun Jaitley,Rupee,Rupee falls

India's rupee hit a new record low of 72 against the dollar on Thursday as emerging market currencies suffered hefty losses. The INR was quoted 37 paise lower at 72.12 against the U.S. dollar in afternoon trade.

Technically, the rupee has been weak since the start of the year from the lows of 63.20 against the United States dollar to an all-time high of Rs 71.97 against the USA dollar.

The minister said that there is no need to worry over the steep fall in the Indian rupee's value as the inherent strength of the country's economy will aid in arresting the downtrend.

The rupee's fall continued for the seventh straight session, the domestic unit plummeted to a historic low of 72.12 a dollar in intraday trade before finding some respite.

Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows mainly weighed on the domestic currency.

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Adeeb Ahamed, Managing Director, LuLu Financial Group, said along with other major currencies that have lost considerably against the dollar, the Indian rupee is tracking the global cues.

The currencies of other emerging economies heavily dependent on dollar-dominated foreign capital like Brazil, South Africa and Argentina also slipped in August. Crude oil rose to trade at $77 a barrel levels in anticipation of tightening supply. "With India importing a large swathe of its fuel needs, rising oil prices will naturally lead to a higher dollar bill which, in turn, will naturally weaken the rupee", said Ahamed.

The BSE Sensex was trading at 38.055 up 37 points at 1.40 pm while the National Stock Exchange Nifty50 was trading seven points up at 11.484.84.

The rupee hasn't crashed as much as Turkish Lira or Argentine Peso did versus the greenback.

The rupee is down more than 12 per cent year-to-date.

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