Money

Indian Rupee Hits Record Low Against US Dollar Over Rising Crude The rupee fell to 69.10 against the dollar, breaching the previous lifetime low of 68.86 it had hit in November 2016

@otuslive

THE INDIAN rupee hit an all-time low against the US dollar in early trade following a selloff in the emerging markets and worries over the impact of rising crude oil prices on India’s economy.

The rupee fell to 69.10 against the dollar, breaching the previous lifetime low of 68.86 it had hit in November of 2016 and shedding around 8% this year.

The rupee’s slide hurt India’s share and bond markets, hurting sentiments and escalating worries over India’s macroeconomic health with the combined effect of a weak rupee and high crude oil prices.

Benchmark Sensex was down 0.23 per cent when news broke and the bond benchmark 10-year yield rose 6 basis points.

A Reuters report said traders were hopeful that India’s central bank would intervene to stop the rupee from sliding further.

~ENDS~

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