INSUBCONTINENT EXCLUSIVE:
The rupee registered a fresh all-time closing low of 71 against the US dollar
That also marked the life-time low touched at the lowest point during the session
Continued demand for the US currency amid rising crude oil prices dragged the rupee to fresh record lows
and consistent selling by foreign funds from the equity markets also weighed on the rupee."The rupee has made a new record low of 71 today
on back of rising crude oil prices in the international market
oil prices slipped to trade around $77.37 a barrel
Concerns over the impact of a global trade war depressed sentiment, although easing of oversupply-related concerns limited the
downside.Analysts said the Reserve Bank of India is intervening very selectively to contain volatility."The dollar index continues to remain
higher on expectations of aggressive interest rate hike by the Federal Reserve
The RBI is intervening very selectively to contain volatility." The dollar index - which measures the greenback against six major currencies
"You need to look at what's happening globally
Argentina, Indonesiamost of the currencies are losing against the dollar
In fact, the fall of the rupee against the dollar has been much lesser compared to most other currencies," SBI managing director PK Gupta
said.Mr Maru of Anand Rathi shared similar views
"The RBI is unlikely to intervene aggressive as the rupee is still overvalued and currencies of EMEs (emerging market economies) are
depreciating sharply," he said.The rupee has been the worst hit among large emerging market peers, losing over 10 per cent so far this
year.The rupee had closed at 70.74 against the American currency the previous day.(With agency inputs)
