INSUBCONTINENT EXCLUSIVE:
The rupee had touched its previous record low of 68.8650 per dollar on November 24, 2016.The Indian rupee fell to an all-time low against
the United States dollar in early trade on Thursday, tracking Asian peers with weakening macro-economic fundamentals on the domestic front
also weighing on the currency
At the interbank foreign exchange market, the rupee opened at 68.87 a dollar against 68.61 previously and sank to 69.10 in morning deals,
falling 49 paise.Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices kept the rupee
under pressure.Global oil prices have climbed after the US asked its allies to end all imports of Iranian oil by November
Concerns over supply disruptions in Libya and Canada also pushed prices higher
Higher crude oil prices and a declining rupee are a double whammy for India, forex dealers said.The Reserve Bank of India's (RBI) battle
to contain a falling rupee just got tougher
The current account deficit is widening and a weak global investment climate coupled with policy paralysis in New Delhi, sticky inflation
and slowing growth have increased the aversion of foreign investors to India, pushing the capital account into the red
Last week's move by rating agency Standard Poor's to cut the country's credit rating outlook to "negative" has complicated matters
further for the RBI, which has few options other than intervention and tinkering with rules on export credit to encourage inflows, RBI
officials say.The rupee, which strengthened 5.96 per cent against the US dollar last year, has been on a general downtrend since the start
It has lost nearly 7 per cent this year so far
It had touched a historic low of 68.86 in November 24, 2016 and a lifetime closing low of 68.80 in August 28, 2013
