Rupee hits record low for 6th day, ends at 85.2/$ – Times of India

Rupee hits record low for 6th day, ends at 85.2/$ – Times of India

[ad_1]

Rupee hits record low for 6th day, ends at 85.2/$

MUMBAI: The rupee weakened to its all-time low for the sixth consecutive trading session on Tuesday as a rise in US bond yields boosted the dollar and strong demand for the greenback from importers added to the lingering pressure on the local currency.
The rupee declined to 85.21 against the US dollar, eclipsing its previous record low of 85.12 hit on Monday. It ended the session at 85.20, down 0.1% on the day. RBI’s intervention, likely via dollar sales, again helped limit the rupee’s losses, traders said. However, the “RBI doesn’t seem to defending any level right now but is just curbing volatility, which signals steady rupee depreciation will continue,” a trader at a state-run bank said. A multitude of factors have hurt the rupee this quarter, including tepid capital flows, a widening of trade deficit, and concerns about slowing economic growth. reuters



[ad_2]

Source link

Contents hide

Author

  • Bhavesh Mathur

    I am Bhavesh Mathur; a content writer and web designer, very strong on the delivery of impactful and insightful content. My major work involves writing articles on a wide variety of business and news-related topics, with the prime focus being on making hard-to-understand information approachable and interesting for readers. As the founder of News Eager, I will post news daily in many fields such as politics, business, sports, entertainment, and lifestyle. I will provide a platform where people can easily stay updated with what is happening in different parts of the world. In addition to my writing, I bring web design skills to each project, ensuring that my platforms are not only content-rich but also visually appealing and user-friendly. I aim to bring value and build trust with my audience through my work on News Eager.

    View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Document
WhatsApp Group Join Now
Telegram Group Join Now