Indian Rupee Hits Record Low Against Dollar
The Indian rupee has fallen to a record low against the US dollar. Rebecca Bunden reported on the factors driving the currency's decline from Mumbai. The movement is linked to broader regional instability. Pressure on the currency is driven by India's heavy dependence on energy imports, requiring the sale of rupees to purchase oil and US dollars. Additionally, a hawkish tone from the US Federal Reserve has weighed on the rupee. While the Federal Reserve held interest rates steady at its latest meeting, it signaled that rates could remain higher for longer, increasing the attractiveness of US assets. The central bank has attempted to curb speculative activity by capping banks' net open rupee positions. Foreign investors have withdrawn more than 20 billion from the market. Speculation suggests the RBI may need further interventions to support the currency.
Topics
Developing
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Sources · 7 independent
“the Indian rupee falling to a record low, erasing the RBI driven gains currently the rupee trading at 95.1, 362 versus the USD.”
“The Indian rupee also fell to a record low of just over $95 to the dollar amidst those rising crude prices.”
“the Indian rupee hitting an historic low of 95.32 against the dollar before regaining just a little strength. Picking up on the rupee, it's about 4% down since the start of conflict in the Middle East at the end of February.”
“Because of capital moving towards US traceries which is considered to be much more safer heaven this FPA outflows have further pressurized Indian rupee.”
“The rupee's later slide comes despite steps taken by India's central bank, the Reserve Bank of India to support the tone from the US Federal Reserve.”
“Indian rupee meantime is seeing big moves as well, hitting historic lows. about 4% since the Middle East conflict began.”
“It's down about 4% since the Middle East conflict began. Rebecca. And that puts pressure on its currency given that India depends heavily on energy imports and rupees have to be sold to buy oil and dollars.”
“the rupee's later slide comes despite steps taken by India's central bank, the Reserve Thank you.”
“the rupee is being dragged down by a hawkish tone from the US Federal Reserve. The central bank left interest rates on hold at its latest policy meeting but signalled they could remain higher for longer”
“The currency's fresh weakness has prompted speculation that the RBI may need to step in again to support it. Foreign investors have pulled out more than 20 billion.”
“Indická rupie klesla v úterý na rekordních 95,4/USD při růstu ropy nad 113 USD”
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