Rupee
Rupee hits all-time low against US dollar in intraday trade
Mumbai/IBNS: The Indian rupee on Monday slipped by 34 paise to touch a record low of 89.79 against the US dollar in intraday trade, according to media reports.
Forex analysts attributed the currency’s fall to a stronger US dollar and a rise in global crude oil prices, Business Standard reported.
Increased dollar demand from importers also weighed on the rupee.
This comes less than two weeks after the rupee had fallen to its previous all-time low of 89.66 on November 21.
Market experts said the rupee remains under pressure as negotiations over the India-US trade deal continue to remain stalled.
Existing US tariffs on Indian goods have further strained trade flows and dampened portfolio investments in equities.
The sharp decline in the rupee follows India’s Q2 GDP data, which showed growth climbing to a six-quarter high of 8.2%, announced just days earlier.
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