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Tuesday, August 14, 2018

Rupee breaches 70/$-mark, touches an all-time low of 70.08; falls 10% in 2018


Analysts have attributed the weakness in Turkish lira as one of the key reasons for rupee to be under pressure. This has strained emerging market currencies such as India.

The Indian rupee on Tuesday touched an all-time low, breaching the psychological mark of 70 per US dollar. It touched an all-time low of 70.08 to the US dollar. With this, the currency has depreciated around 10 percent in 2018 so far.

The currency had opened marginally higher at 69.85 against the greenback on Tuesday morning.

Analysts have attributed the weakness in Turkish lira as one of the key reasons for rupee to be under pressure. This has strained emerging market currencies such as India.

Prior to this, the currency ended 110 paise lower at 69.93 on Monday against its Friday's close of 68.83, which was a biggest single session decline against dollar since September 3, 2013.

Technical pattern indicates that the rupee could further depreciate towards 71 per dollar.

“The rupee’s fall today was largely due to domestic reasons. Previous resistance for the currency was 69.50 and a fall below that triggered stop losses from importers. There is lot of panic demand seen from importers…the next short-term resistance is seen at 70.50, while the important resistance to watch out for the market will be 71 per dollar,” Rushabh Maru—Research Analyst at Anand Rathi Share and Stock Brokers, told Moneycontrol.

According to a Motilal Oswal report, rupee fell to fresh record low levels against the US dollar following Turkish Lira shock and witnessed biggest one-day fall in the last five years. Turmoil in Turkey has not only weighed on the Indian rupee but also on most Asian currencies.

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Source: https://www.moneycontrol.com/news/business/markets/rupee-breaches-70-mark-touches-an-all-time-low-of-70-08-2840981.html
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