Rupee hits fresh low of 19.80 against dirham

Rupee hits fresh low of 19.80 against dirham

Continuing its slide, the rupee on Tuesday hit yet another record low of 72.73 against the United States dollar, falling 28 paise in late afternoon trade on strengthening American currency as crude oil prices went past the $78 a barrel mark.

Forex dealers said besides strong demand for the American currency, dollar buying by importers, mainly oil refiners in view of surging crude oil prices and capital outflows, weighed on the domestic currency.

On Friday, the Indian currency had recovered slightly from its recent decline to close at 71.73 against the dollar.

With Rajasthan, Mizoram, Chhattisgarh and Madhya Pradesh set to face assembly elections this year and Lok Sabha elections scheduled to be held in the first half of 2019, the BJP government has come under fire from opposition parties for its inability to shield the common man from the effects of a falling rupee and high petrol, diesel prices.

More news: Manchester United eye move for Paulo Dybala
More news: Ford rules out United States production of Focus Active
More news: White House Corrects Trump’s Tweet on GDP, Unemployment

The Indian currency has continued its weak run with the rupee opening at a new low of 72.15 against USA dollar on the Interbank Foreign Exchange (Forex) market on Monday, down from a close of 71.72 on Friday.

A report by worldwide credit rating agency Moody's Investors Service mentioned that sustained weakening of the rupee was "credit negative" for Indian companies that rely on USA dollar debt to fund their operations but generate revenue in rupees. It pared losses on Monday after a government official said the finance ministry and central bank are in touch on a daily basis, and the latter is intervening when needed.

It has touched a record low of 72.67 per dollar during intraday Monday.

Meanwhile, the BSE Sensex plunged 509.04 points, or 1.34 per cent, to close at 37,413.13 in Tuesday's session.

Related Articles

  • Deaths recorded as aircraft plunges into South Sudan lake

    Deaths recorded as aircraft plunges into South Sudan lake

    The victims include the pilot and co-pilot, a staff member of the Red Cross and an Anglican bishop, he told AFP. Only four people, including two children, survived the crash, said government official Taban Abel Aguek.

    Trump mocks Obama for doubting his economic plan

    What magic wand do you have? On Monday morning, Trump claimed on Twitter that "The GDP Rate (4.2%) is higher than the Unemployment Rate (3.9%) for the first time in over 100 years!"
    Matthew Stafford throws four INTs as Lions stumble in season opener

    Matthew Stafford throws four INTs as Lions stumble in season opener

    The start wasn't what they were looking for, but the rest of Monday's performance has been just what the Jets were hoping to see. It seemed to be a odd play design that was entirely reliant on the Lions defensive backs falling for the misdirection.
  • Evacuations underway as Florence strengthens to category 4 hurricane

    Evacuations underway as Florence strengthens to category 4 hurricane

    The current forecast track suggests the hurricane will most likely approach North Carolina or SC on Thursday as it gathers speed. Kevin Orth loads sandbags into cars as he helps residents prepare for Hurricane Florence, in Charleston , South Carolina.
    Samsung Launches Its First Foldable Smartphone This November

    Samsung Launches Its First Foldable Smartphone This November

    Foldable phones have been talked about for a long time, but so far we haven't really seen a worthwhile entry into the category. If Samsung shows off its foldable phone this year, it may encourage some potential iPhone buyers to hold off.

    Dramatic Views of Hurricane Florence

    Hurricane Isaac - which late Sunday became the fifth hurricane of the season - is heading west toward the Caribbean. Florence "is expected to remain an extremely risky major hurricane through Thursday", the NHC said in a statement.
  • OnePlus 6T Confirmed to Come with In-Display Fingerprint Scanner

    OnePlus 6T Confirmed to Come with In-Display Fingerprint Scanner

    It is not clear what these headphones will have over their predecessors, but it's likely they will launch with the OnePlus 6T. Not much – just 0.45mm extra – but OnePlus had to re-arrange the internals to make everything fit.
    Florence set to become major hurricane, aims at US Southeast

    Florence set to become major hurricane, aims at US Southeast

    Two more storms named Helene and Isaac are following behind Florence, according to Fox , but are expected to be less threatening. Stay tuned to local media in the coming days to keep close tabs on Hurricane Florence as it approaches the Commonwealth.
    Murray, Mattek-Sands win US mixed doubles

    Murray, Mattek-Sands win US mixed doubles

    For British player Murray, it was a second successive mixed title in NY having teamed up with Martina Hingis in 2017. I imagine Justin was so patient with the whole process because it's such a hard thing to go through, I imagine.
  • Ampadu will be magnificent - Giggs thrilled by Chelsea teenager

    Ampadu will be magnificent - Giggs thrilled by Chelsea teenager

    Shaun Williams grabbed a consolation when he robbed Ramsey outside his own box and dinked the ball over Wayne Hennessey.
    Ugly tie: Browns coach: Taylor, offense must 'play better'

    Ugly tie: Browns coach: Taylor, offense must 'play better'

    According to Tom Pelissero of NFL.com , the NFL admitted Garrett's sack on Ben Roethlisberger should not have drawn a flag. The Browns revamped offensive line, with rookie Desmond Harrison at left tackle, surrendered - sacks.
    Thousands of Russians protest against Putin's pension age increase

    Thousands of Russians protest against Putin's pension age increase

    Navalny was jailed for 30 days on August 25 on a separate protest-related charge, the Guardian reports . Russian men have a life expectancy of 66 while for women it is 77, the World Health Organization says.