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Indian rupee slips 24 paise to hit new record low of 73.58/USD

USD-INR pair is expected to quote in the range of 73.60 and 74.20, says Motilal Oswal.

October 04, 2018 / 05:11 PM IST

The Indian rupee ended at an another record closing low of 73.58 per dollar after it touched an all-time low of 73.81 in the morning trade on the back of rising global oil prices, and concerns over current account deficit and capital outflows.

It saw some bit of recovery during the day but closed 24 paise lower at 73.58 versus Wednesday's close 73.34 per dollar.

The rupee has depreciated over 14 percent in 2018 YTD, effectively becoming the worst performing Asian currency. It is weighed by the double whammy of a stronger USD along with rising crude oil prices, said ICICIDirect.

The government and RBI’s measures to contain rupee volatility have been overshadowed by prospects of worsening current account deficit along with turmoil in various EM markets. Brent crude oil is currently trading near USD 85/bl, at the highest level since November 2014. As such, short-term move in oil prices remain triggers for a move in the rupee, it added.

Moneycontrol News
Tags: #Rupee
first published: Oct 4, 2018 05:05 pm