Indian rupee hits all-time low vs US dollar

The rupee closed at 68.65/66 per US dollar on Wednesday

The rupee closed at 68.65/66 per US dollar on Wednesday

When the exchange rate changes or the home currency depreciates, exports become cheaper.

The Reserve Bank of India's intervention was also one of the reasons for the rupee's recovery.

Other pressures aggravating as a result of declining value of rupee is increased selling in the bond markets.

India is more vulnerable than some others owing to its so-called twin deficits: a current account deficit and a fiscal deficit, both of which need financing.

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However, some central banks have been forced to act to support their currencies, hiking interest rates to levels that threaten to slow their domestic economies.And Argentina has been forced to turn to the International Monetary Fund for help. Therefore, a depreciation of home currency will increase the price levels in the home country, but cheaper in foreign countries. The swelling in the import bill was mainly due to higher spending on oil and gold purchases.

Bucking the trend, stocks of software exporter such as Infosys, TCS and Wipro were trading higher by up to 2.12 per cent, largely supported by the weak rupee.

RBI sold dollars in futures market: While the demand for dollars has been ever-increasing, RBI has taken the futures market route as per a leading business daily report to tame the fall of Indian rupee against the dollar.

India imports more than two-thirds of its fuel needs and higher crude prices pose significant risks for the Indian economy.

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Wadhawan said that the factors pushing rupee include FII outflow and crude prices.

Collapse of Indian rupee to a lifetime low of 69.10 against the USA dollar will not give an extra edge to domestic exporters, but provide a level-playing field in global market, FIEO said.

According to her, any impact of the downslide of rupee on trade deficit or CAD would depend on how exports perform. The strengthening of the US Dollar weighs on trade unrelated to the US. The erosion in rupee's value has reportedly adversely impacted the bond market - the 10-year benchmark bond yield shot-up to 7.87 per cent from 7.83 per cent on Wednesday.

"If crude oil continues to be on the boil, the dollar extends its gains, the Trump administration persists with its policy of imposing new duties on imports, and U.S. interest rates keep rising (which, in turn, will trigger outflows from emerging markets), the rupee could test 70 levels next month", said a currency dealer with a public sector bank.

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