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Rupee Crashes to Over 8-month Low of 71.81 Against United States Dollar

Rupee Crashes to Over 8-month Low of 71.81 Against United States Dollar

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New Delhi, August 22, 2019:

In the latest trend, the Indian rupee is weaker by 25 paise on Thursday. On Thursday, Indian currency closed at Rs 71.81 to a US dollar which is the lowest point reported this year.

Both global and local factors impacted the currency which has lowered the value of rupee, closer to 72 a dollar mark.

Head of Research, Geojit Financial Services, Vinod Nair said, “The outlook for auto, consumption, and realty are still cloudy, influencing investors to shift to safe-haven assets.

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The rupee fell to near six months low due to continued outflow from foreign funds and weak exports.”

Currency Research Head, Emkay Global Financial Services, Rahul Gupta said, “Rupee recovered in last 15 minutes after state running banks was spotted to sell dollars on behalf of RBI. Going forward movement in local equity markets and emerging market currency will be key for the rupee.”

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