The rupee on Monday plummeted by 34 paise to end at a near five-year low of 68.80 against the US dollar amid weak global trends, capital outflows and concerns on the macro-economic front in the wake of higher crude oil prices.<\/p>\n
The rupee last saw this level on August 28, 2013. The currency touched a high of 68.33 in morning deals, but these gains were wiped out later on dollar demand. As the RBI was not seen selling dollars to stem the slide, panic dollar demand from importers and speculative traders sent the home currency plunging to an intra-day low of<\/p>\n
\u201cThe rupee is not far away from its 6-year low against US dollar. Global markets fell after Chinese manufacturing PMI data released over the weekend missed estimates indicating the oncoming trade war is starting to hurt exports. China manufacturing PMI stood at 51.5 in June, versus 51.9 in May, and the forecast of 51.6,\u201d IFA Global Research said. Domestic manufacturing sector activity in June grew at the strongest pace this year, supported by rise in domestic and export orders, according to a monthly survey. The Nikkei India Manufacturing Purchasing Managers Index (PMI) rose to 53.1 in June from 51.2 in May. Market participants are trading on a cautious note ahead of key announcement by the government on MSP for Kharif crops.<\/p>\n
After China, UK, Europe and India\u2019s PMI data, focus will be on the US ISM manufacturing PMI. It is expected to come at 58.2 against 58.7 in the previous month. \u201cDollar demand and further notable fall in Yuan could create headwind for the NDF- Rupee. It is expected to trade right to the onshore and could touch 69.00 mark in a runaway move,\u201d IFA Global said.<\/p>\n
India\u2019s foreign exchange reserves fell for a second week to $ 407.82 billion, the RBI had said. The RBI sold dollar from the forex reserves to stabilise the rupee last week.<\/p>\n
On June 28, the rupee on Thursday plunged to an all-time low of 69.09 against the US dollar intra-day as fears over rising crude oil prices, portfolio outflows from the capital market and widening current account deficit rocked the foreign exchange market. It recovered partially to close at 68.79.<\/p>\n
The Indian currency has lost around 8 per cent this year as foreign investors were pulling out funds and crude oil prices moved upwards with the strengthening of dollar across the globe adding to the rupee\u2019s bearishness.<\/p>\n","protected":false},"excerpt":{"rendered":"
The rupee on Monday plummeted by 34 paise to end at a near five-year low of 68.80 against the US dollar amid weak global trends, capital outflows and concerns on the macro-economic front in the wake of higher crude oil prices. The rupee last saw this level on August 28, 2013. The currency touched a […]<\/p>\n","protected":false},"author":1,"featured_media":35961,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-35960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/35960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=35960"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/35960\/revisions"}],"predecessor-version":[{"id":35962,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/35960\/revisions\/35962"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/35961"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=35960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=35960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=35960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}