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Good morning India
The Indian rupee is inching close to the Rs70 mark against the dollar, battered by global economic turmoil.
On Aug. 13, it closed the day at Rs69.93, its weakest ever. The 1.56% decline was also the currency’s sharpest single-day fall since September 2013. The Rs70-level against the dollar is seen as a psychological threshold which, once breached, may be treated as the new normal for the currency.
Moreover, things could get much worse in coming months for Asia’s worst-performing currency of the year. If global concerns, including the US’s protectionist measures against countries such as Turkey and China, persist, the rupee may even slide to Rs72 against the dollar, according to analysts.
Already, higher crude oil prices, a widening trade deficit, and the exit of foreign investors from India have shaved off over 8% from the rupee’s value this year.
https://qz.com/india/1355240/indian-rupees-slide-continues-on-trumps-global-trade-war/
The Indian rupee is inching close to the Rs70 mark against the dollar, battered by global economic turmoil.
On Aug. 13, it closed the day at Rs69.93, its weakest ever. The 1.56% decline was also the currency’s sharpest single-day fall since September 2013. The Rs70-level against the dollar is seen as a psychological threshold which, once breached, may be treated as the new normal for the currency.
Moreover, things could get much worse in coming months for Asia’s worst-performing currency of the year. If global concerns, including the US’s protectionist measures against countries such as Turkey and China, persist, the rupee may even slide to Rs72 against the dollar, according to analysts.
Already, higher crude oil prices, a widening trade deficit, and the exit of foreign investors from India have shaved off over 8% from the rupee’s value this year.
https://qz.com/india/1355240/indian-rupees-slide-continues-on-trumps-global-trade-war/