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Rupee hits new low of 160.82 to the dollar

23 Aug 2018

The rupee hit a new all-time low of 160.82 per dollar on Thursday, pulled down by importer US dollar demand and foreign outflows from government securities. This surpasses a record low of 160.60 hit in the previous session on Tuesday, with Reuters reporting that some importers bought dollars ahead of the Hajj holiday on Wednesday, while the absence of dollar conversions by exporters and outflows from equities pulled the currency down. The Rupee has declined 0.7% so far this month 4.6% so far this year. The dollar climbed against most of its peers for the first day in six on Wednesday, as investors awaited a meeting of global central bankers, after the US Federal Reserve indicated in meeting minutes a readiness to increase rates again if the economy stays on track. The Fed has raised rates twice this year and is expected to raise rates at least two more times this year, citing a solid economy with fewer Americans out of work. It has also penciled in three more rate hikes in 2019. Meanwhile, the Indian Rupee today fell 27 paise (cents) against the dollar to trade near 70.08 again on strong demand for the US currency.  

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