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Forex News: Indian Rupee Collapses Below 72 Level To Record

Indian Rupee Collapses Below 72 Level To Record Low Against U.S. Dollar

09/05/2018 - 07:27:00 (RTTNews)

(RTTNews) - The Indian rupee continued its selling spree against the U.S. dollar for the sixth consecutive session on Wednesday, touching a historic low, as fears over a rout in emerging markets and escalating trade tensions between the U.S. and its key partners dampened sentiment.

The sell-off in emerging markets intensified as South Africa slipped into a recession for the first time since 2009 and Turkey reported its highest inflation rate in 15 years.

Investors fret over rising trade tensions between the U.S. and China, as fresh U.S. tariffs on $200 billion worth of Chinese goods are expected to take effect as early as Thursday.

The U.S.-Canada talks will resume today, after the last round of talks ended in failure.

Media reports quoted a top finance ministry official as saying that the rupee will stabilize on its own, as there are no domestic factors contributing to the depreciation.

The rupee broke the key 72.00 level against the greenback, falling to a record low of 72.04. This represented a 0.9 percent depreciation from Tuesday's closing value of 71.43.

The rupee has thus dropped almost 12 percent against the greenback since January.

Indian markets also fell, with the benchmark 30-share BSE Sensex declining 139.61 points or 0.37 percent to 38,018, while the broader 50-share Nifty index dropped 43.35 points or 0.38 percent to 11,477.

In economic news, survey data from IHS Markit showed that India's private sector growth slowed notably in August driven by weaker growth across manufacturing and services sectors.

The Nikkei composite output index dropped to 51.9 in August from July's 21-month high of 54.1. Nonetheless, a score above 50 indicates expansion.

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