NewsX: Rupee hits record low of 60.95
- 5 years ago
NewsX: The Indian rupee hit a new all-time low of 60.95 against the U.S. dollar in early trade on Monday surpassing the previous record low of 60.76. The partially convertible currency traded at 60.88 as of 09.05 a.m. against Friday's close of 60.23
Fresh weakness came on better than expected U.S. jobs growth, which increased the likelihood that the Federal Reserve will begin cutting its massive monetary stimulus, known as quantitative easing, as early as September. Traders fear that cuts in the U.S. bond buying programme will trigger massive selling by foreign investors, which will make the financing of India's high current account deficit difficult.
The rupee fell 1.4 per cent last week and its nine-week losing streak is the longest since the last one ended June 3, 2012.
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Fresh weakness came on better than expected U.S. jobs growth, which increased the likelihood that the Federal Reserve will begin cutting its massive monetary stimulus, known as quantitative easing, as early as September. Traders fear that cuts in the U.S. bond buying programme will trigger massive selling by foreign investors, which will make the financing of India's high current account deficit difficult.
The rupee fell 1.4 per cent last week and its nine-week losing streak is the longest since the last one ended June 3, 2012.
For More information on this news visit : http://www.newsx.com/
Connect with us on Social platform at : www.youtube.com/newsxlive
www.facebook.com/newsxonline