Indian rupee versus US dollar: India’s currency hits all-time low with 0.2% drop | Personal Finance | Finance
India’s rupee has hit an all time low against the US dollar.
The currency dropped down 0.2 percent to a 83.6188 compared to the dollar.
The previous low was recorded in March when the rupee hit 83.48 against the dollar.
Previously the Indian central bank as intervened to limit depreciation using state-run banks.
But the rupee has weakened this week as the dollar has increased in value.
Some traders have said that the strength of the dollar and the weakness of the Chinese Yuan have contributed to the rupee’s depreciation.
An interest rate cut from the Swiss National Bank brought on Thursday resulted in the dollar strengthening.
The rupee is the best performing asian currency this year after the Hong Kong dollar.
David Forrester, a senior strategist at Credit Agricole CIB in Singapore told Bloomberg: ” US dollar strength is dominating the market at the moment and that is what is driving the rupee to a record low.”
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