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Forex News: Indian Rupee Slides To All-time Low Against U.S.

Indian Rupee Slides To All-time Low Against U.S. Dollar

09/06/2018 - 06:58:00 (RTTNews)

(RTTNews) - The Indian rupee nose-dived against the U.S. dollar on Thursday, falling below the 72 mark, amid persistent sell-off in emerging markets driven by worries over global economic growth.

Global trade concerns remained at the fore ahead of the deadline for public consultation on possible new U.S. tariffs on Chinese products worth $200 billion.

The rupee declined for the seventh consecutive session against the U.S. dollar, touching a historic low of 72.18. This was 0.9 percent lower from Wednesday's closing value of 71.54.

The currency has lost almost 12 percent against the greenback during the year.

Finance Minister Arun Jaitley blamed the weakness in the rupee to global factors and said that there was no need for "panic and knee-jerk reactions."

"There are no domestic reasons... Reasons are global. In the last few months, the dollar has strengthened against every currency," Jaitley said Wednesday.

Meanwhile, Indian markets recovered, with the benchmark 30-share BSE Sensex rising 224.50 points or 0.59 percent to 38,243, while the broader 50-share Nifty index advanced 59.95 points or 0.52 percent to 11,537.

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