Rupee plunges below 65 level, tumbles to 5-month low

Cornelia Mascio
Settembre 22, 2017

The rupee fell to a almost 6-month low of 65.14 against the USA dollar, its lowest since April this year. The rupee is trading near its six-month low and despite the recent weakness, it is still up by almost 5% against the dollar, this year. Economists believe that the fiscal deficit will widen, and also weak economic growth data is responsible for the rupee's marginal depreciation.

India's Gross Domestic Product (GDP) growth moderated to 5.7% in the quarter ended June 2017.

The US Federal Reserve's historic overnight decision rattled overall forex market sentiment, triggering panic dollar buying from corporates and importers.

Rupee on Friday hit 65 level against the US dollar for the first time in more than five months amid geopolitical concerns and fears that the US Federal Reserve left the door open for an interest rate hike by December end.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE