INSUBCONTINENT EXCLUSIVE:
Rupee dollar exchange rate: The rupee is down 11% against the greenback so far this year
The rupee
fell by 44 paise against the dollar to close at 70.90 on Thursday, as against its previous close of 70.46, reported news agency Press Trust
Weakness in the domestic equity markets along with strength in the dollar pulled the rupee lower, leading to a 0.6 per cent fall in the
currency A sharp fall in crude oil prices, in anticipation of continued oversupply ahead, failed to support the currency
At 70.90 against the dollar, the rupee is still down 11 per cent against the greenback so far this year
Here are 10 things to know about rupee-dollar trade on Thursday:Credit ratings major Fitch said it expects the rupee to
weaken to 75 against the dollar by the end of next year, on account of widening current account deficit and tighter global financing
cent after the Organization of the Petroleum Exporting Countries (OPEC) signalled it may agree to a smaller output cut than
expected.Producers' group OPEC is meeting in Vienna to decide its production policy in coordination with non-OPEC producers including
Russia, Oman and KazakhstaBrent - the global benchmark for crude oil - hit an intraday low of $58.36 a barrel
The oil prices have plunged by around 30 per cent so far this quarter, reported news agency Reuters.Meanwhile, bonds rose to over 8-month
highs as rate hike fears faded after the RBI promised to keep buying government bonds to infuse liquidity.The 10-year benchmark bond yield
fell to as low as 7.38 per cent, its lowest since April 11 and compared with its previous close of 7.44 per cent.The dollar and yen rose on
safe-haven buying after the arrest of a top executive of Chinese telecom giant Huawei in Canada for suspected Iran sanctions violations
renewed concerns over US-China relations.Losses in the rupee were consistent with most Asian peers which fell on concerns over slowing
global growth and a lack of resolution in the China-US trade war.Despite a few recent advances, the rupee is on track for its worst yearly
performance in five years in 2018, reported Reuters on Wednesday
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