Re hits 71 on oil price, dollar demand

Rupee slides to hit 71-mark, markets recover after opening low

Rupee slides to hit 71-mark, markets recover after opening low

Argentina, Indonesia.most of the currencies are losing against the dollar.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

"This momentum could dissipate if not reverse suddenly and the way to "play" the rupee market in the near term is through continuous monitoring of this momentum bias", Mr. Barua noted. Emerging market currencies are under pressure, this has also weighed on the rupee.

India's currency, the rupee, hit a new record low against the USA dollar on Thursday on the back of rising oil prices, end-month demand for dollars, and concerns about the health of the emerging markets after the Turkey crisis.

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Experts said the RBI had not been intervening aggressively to defend the rupee, which has depreciated more than 9% against the dollar in 2018. "The near-term range for the rupee is 70.20 and 70.75", Rushabh Maru, Research Analyst, Anand Rathi Shares and Stock Brokers said.

On Thursday this week, the rupee had ended at lifetime low 70.74 per dollar. I don't think the value of the rupee is so much of a concern now. "The RBI is unlikely to intervene aggressive as the rupee is still overvalued and currencies of EMEs (emerging market economies) are depreciating sharply", he said. Thus in our forecast we have simply put a technical resistance point as the upper bound.

The BSE benchmark index Sensex fell 78.64 points, or 0.20 per cent, to 38,611.46 points in opening trade.

Meanwhile, US President Donald Trump has been preparing to fuel trade war with Beijing and is ready to levy more tariffs on Chinese imports.

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