Rupee Hits Lifetime Low: The Indian Rupee hit a lifetime low level of 80.43 on Thursday after US Fed’s decision to hike interest rate by 75 basis points yet again. The domestic currency opened at a record low of 80.2850 per US dollar, down from the previous close of 79.97.
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Indian Rupee Hits Record Low As Dollar Index Surges
The Indian rupee hit its lowest level against a strengthening U.S. dollar after Jerome Powell’s hawkish remarks at Jackson Hole.
Currencies Forecast: US Fed may not yield to market pressure
India’s forex reserves slumped to the lowest in over two years, marking the third straight week of decline as the Reserve Bank of India, true to its word, intervened to keep the rupee from weakening past 80 per dollar during a week when the dollar surged to over two-decade highs.
Indian Rupee Gains Against U.S. Dollar At Open
The Indian rupee gained against the U.S. dollar on Wednesday. The currency appreciated 6 paise or 0.08% against the greenback to open at 79.80. In early …
Rupee has come under Intense Selling Pressure
The rupee has come under intense selling pressure in recent weeks due to a perfect storm of global headwinds, which analysts believe will continue to pummel the Indian currency in the months ahead as well. Earlier in July, rupee tested record lows and breached the Rs 80 per US dollar level at least twice, recovering only after the Reserve Bank of India (RBI) stepped in to stem the depreciation. Since then, the rupee has regained some ground and has been trading in the 78.50-79.80 range. One of the reasons behind the rupee’s fall was strong demand.
Sanctioned Russian’s Family Sells $6 Billion Stake in Gold Miner
Said Kerimov, the son of sanctioned Russian billionaire Suleiman Kerimov, resigned from the board of gold miner Polyus PJSC on Monday, the same day his family’s holding company reduced its stake in the business to less than 50%.
Rupee to Appreciate on Weak Dollar
The Indian rupee snapped its four-day losing streak to close 29 paise higher against the US dollar on Tuesday, tracking a recovery in domestic equities and weakness in American currency overseas.