INSUBCONTINENT EXCLUSIVE:
INR vs USD: Weakness in almost all other Asian peers gave a boost to the dollar today.The Indian rupee collapsed to a fresh record low of 71
against the US dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices,
reported news agency PTI (Press Trust of India)
Weakness in almost all other Asian peers gave a boost to the dollar today
The partially convertible rupee was trading at 70.93/94 per dollar, compared with its previous close of 70.74
It touched 71 per dollar in opening deals before recovering slightly on the back of dollar sales by state-run banks.Here are 5 things to
importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering Sino-US trade tensions,
Growing fears about rising inflation in amid high global crude oil prices and consistent outflow of foreign funds from the domestic equity
Traders said the Reserve Bank of India was likely sporadically selling dollars through state-run banks to prevent a sudden sharp fall but
traders do not expect any major intervention as the fall has been in line with fundamentals
