Indian Rupee getting weaker against US Dollar

Indian Rupee getting weaker against US Dollar

In some last month’s Indian Rupee is getting weaker and weaker! As now it has crossed the big figure of 74 against the US Dollar getting it’s the life-time low. The Indian Rupee getting weaker against US Dollar breached the 74 mark on Monday (8th Oct 2018). And now the Indian Rupee has fallen 14% in 2018 making it the worst performing currency of Asian continent.

The currency had touched a life-time low of 74.23 (intra-day) after the Reserve Bank of India (RBI) kept the policy rate unchanged unexpectedly. As the RBI kept repo rate unchanged,  Sensex lost 792 points wiping out nearly Rs 3.8 lakh crore of investor money and the rupee, which was already trading near all-time lows, plunged past the 74-mark against the US dollar as the markets were expecting a rate hike.

Meanwhile, in a highly volatile session, value-buying by investors in recently-battered banking, oil and gas and auto stocks reversed the three-session losing streak, helping the Sensex and Nifty to close on a positive note today.

The Sensex swung over 660 points both ways on alternate bouts of selling and buying. The 30-share Sensex touched a high of 34,636.43 on the back of sustained buying by domestic institutional investors (DIIs), but later turned choppy and hit a low of 33,974.66 as selling pressure gathered momentum.

However, amid buying towards the fag-end, it recovered to close the day higher by 97.39 points, or 0.28 per cent, at 34,474.38. The 30-scrip gauge had lost 2,149.15 points in the previous three straight sessions.

The 50-share NSE Nifty too recovered by 31.60 points, or 0.31 per cent, to end at 10,348.05.

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