Rupee falls to lowest level in a year against US dollar

Rupee falls to lowest level in a year against US dollar

NEW DELHI, May 7, 2018: The Indian rupee has weakened beyond the 67-to-the-dollar mark on Monday on risk aversion as oil rose above $75 a barrel and amid geo-political tensions related to United States and Iran.

The rupee fell to as low as 67.0850 to the dollar early in the day, its lowest since February 2017. The currency had closed at 66.86 on Friday. Increased demand for the greenback back home added to the rupee’s weakness.

The Reserve Bank of India, which typically purchases and sells dollars through state-run banks covertly to intervene in the local spot market, was not seen so far, though some lenders were seen selling dollars, dealers said, adding that they were not sure whether that was the central bank or the banks themselves.

TNT News with inputs from Reuters

Image Courtesy: Business Line




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