Arab Today, arab today india rupee plunges to fresh record low against dollar
Last Updated : GMT 13:50:10
Arab Today, arab today
Arab Today, arab today

India rupee plunges to fresh record low against dollar

Arab Today, arab today

Arab Today, arab today India rupee plunges to fresh record low against dollar

Mumbai - AFP

India\'s rupee plunged to a fresh record low against the dollar on Tuesday over concerns that foreign capital could flow back to the United States as the American economy picks up. The rupee, Asia\'s worst-performing major currency this year, hit a lifetime low of 61.51 rupees to the dollar in morning trade, below its previous low of 61.21 rupees on July 8. The rupee has plunged 12.3 percent in 2013, including Tuesday\'s fall. Indian shares fell 1.03 percent to 18,983.76 points after the currency hit a new low. \"The rupee is on a runaway train and no one knows where it will stop,\" said Naveen Mathur, associate director (commodities and currencies) with Angel Broking. \"This is not looking good for the country,\" Mathur said. Dealers said India\'s central bank -- which is believed to have intervened several times in the past few months to help prop up the rupee -- was absent from the market Tuesday, as the rupee plunged. Demand for the dollar has increased amid speculation of a sooner-than-expected scaling back of US stimulus as the world\'s largest economy recovers, analysts said.Slackening domestic growth, weak exports, rising foreign fund outflows and India\'s high current account deficit have battered the rupee. The depreciating rupee stokes inflation by raising the cost of everything India imports from crude oil to chemicals and pulses. Growth is at a decade low of five percent and the current account deficit -- the broadest measure of trade -- for the full fiscal year ended March is at a record high, mainly from huge oil and gold imports and weak exports. The rupee depreciation is the latest blow for the scandal-tainted coalition of Premier Manmohan Singh, which is keen to see the economy pick up before elections due in 2014. On Monday, data showed that India\'s services sector, which contributes 60 percent of national output, shrank for the first time in nearly two years in July, fuelling pessimism about an early economic recovery. Market sentiment is also weak in the absence of fresh positive news from India\'s government. India\'s rupee woes have heightened speculation the nation could be headed for a crisis of the sort it suffered in 1991, which forced a bailout by the International Monetary Fund. In an interview published last week, veteran economist Arvind Panagariya warned India\'s foreign exchange reserves were too low. The Reserve Bank of India has kept interest rates on hold, prioritising rupee stability over economic growth, and has given no timeline for rolling back its recent liquidity-tightening measures to prop up the currency. Last month the RBI announced a range of measures to bolster the rupee, including raising short-term interest rates and lowering the amount a bank can borrow or lend under its daily liquidity limit.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india rupee plunges to fresh record low against dollar Arab Today, arab today india rupee plunges to fresh record low against dollar

 



Arab Today, arab today
Arab Today, arab today Rabia Fatima reveals role of "Facebook" in her career

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 13:40 2017 Thursday ,23 February

Muscat Securities Market loses 17 points

GMT 13:18 2017 Thursday ,23 February

Bahrain Bourse daily trading report

GMT 05:51 2017 Thursday ,23 February

Saudi stocks edge up as Brent futures rebound

GMT 20:48 2017 Wednesday ,22 February

Dividend announcements drive Muscat bourse

GMT 16:56 2017 Wednesday ,22 February

Global gold prices drop

GMT 16:01 2017 Wednesday ,22 February

Tadawul edges down 0.2%

GMT 13:22 2017 Wednesday ,22 February

Canadian stock market closes at record high

GMT 11:50 2017 Wednesday ,22 February

Most Asia markets up as Hong Kong rebounds
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday