Business

Rupee below 68, sinks 56 paise : second biggest single-day fall of 2018

The rupee on Tuesday plunged 56 paise, the second biggest single-day fall of 2018, before closing at 68.07

The Indian currency gained some momentum on Wednesday as it recovered from a 16-month low to trade below the psychological 68-mark against the US dollar. The rupee on Tuesday plunged 56 paise, the second biggest single-day fall of 2018, before closing at 68.07. This is the lowest closing for the rupee since January 24, 2017 when it had ended at 68.15 against dollar. The rupee today ended 27 paise higher at 67.80 per dollar against previous close of 68.07 on fresh selling of the US currency by exporters and banks.

Here are key things to know about the rupee-dollar trade:
It is believed that the Indian rupee stemmed some of its losses after the Reserve Bank of India’s (RBI) intervention. This is the Reserve Bank’s second intervention in two days. “It looks like RBI is in a mood today,” said a senior dealer at a state-run bank, estimating that within the first 10 minutes the RBI might have sold $300 million to $400 million proactively to prevent any sharp fall in the rupee.

India’s foreign-exchange reserves have fallen by more than $7 billion in the past three weeks, another sign that the RBI may have intervened to support the rupee. The currency has declined 4 per cent this quarter, thus becoming Asia’s worst performer in 2018, news agency Bloomberg reported.

As per the RBI data, the country’s forex reserves fell by $1.426 billion to $418.940 billion in the week to May 4.

Rising global crude oil prices played a vital role in the weakening of the rupee. The Brent crude futures and US crude futures (financial oil benchmarks) remained close to their November 2014 highs of $79.47 and $71.92 a barrel respectively. India being a net crude oil importer, a rise in prices can affect the import bill and disrupt the fiscal position, derailing growth potential.

After the uncertainty over the formation of government in Karnataka, domestic equities witnessed a largely muted reaction.
Sharply rising US dollar yields have boosted the dollar on international exchanges, and the rupee was also coming under pressure from firm crude oil prices that will weigh on the country’s already widening trade deficit. April trade deficit widened to $13.72 billion from $13.25 billion a year ago.

Summary
Review Date
Reviewed Item
Rupee below 68, sinks 56 paise : second biggest single-day fall of 2018
Author Rating
51star1star1star1star1star
Opinion Poll
With assembly election ahead With assembly election ahead, well known Digital Media platform clipper28.com has decided to gauge the mood of Chhattisgarh through its own opinion poll. As an aware voter and stakeholder of the democratic process, kindly do answer the following questions so that prevailing mood of state can be ascertained.
Name
Age
Assembly Segment
Phone Number
Which party will emerge as the single largest party?
Which party will win how many seats?
Whom would you like to see as next Chhattisgarh Chief Minister?
Have you witnessed development work in your area?
Do you think that farmers of Chhattisgarh are satisfied with BJP government?
Do you think youngsters are happy with employment scenario created by Chhattisgarh/state government?
Do you think state government has done enough on issue of women empowerment?
Are you satisfied with work done by your legislator? Have electoral promises been fulfilled or not?
Are you satisfied with the amenities provided by the government in your area?
Do you think the state government has successfully tackled naxal menace?
Are you satisfied with work done by different state Ministers?

Please do vote...

ओपिनियन पोल
छत्तीसगढ़ की आगामी विधानसभा चुनाव के लिए डिजिटल मीडिया ‘clipper28.com’ नेसटीक ओपिनियन पोल करनेका निश्चय किया है. अतः आप नीचे दिए सवालों के निष्पक्ष जवाब देंताकि राज्य की आने वाले दिनों की सही सियासी तस्वीर सामनेआ सके. कृपया अपना मत जरूर दें- With assembly election ahead
नाम
विधानसभा क्षेत्र
आयु
फ़ोन नं
विधानसभा चुनाव में सबसे बड़ी पार्टी कौन सी होगी ?
किस पार्टी को कितनी सीटें मिलेगी?
अगले मुख्यमंत्री के रूप में किसे देखना चाहेंगे?
क्या आपके क्षेत्र में विकास दिखाई पड़ रहा है?
क्या छत्तीसगढ़ का किसान भाजपा शासन से संतुष्ट है?
जो रोजगार छत्तीसगढ़ सरकार ने दिया, क्या उससे युवा वर्ग संतुष्ट है?
राज्य सरकार ने महिलाओं के सशक्तिकरण के लिए जो किया, उससे महिलाएं संतुष्ट हैं?
क्या आप अपने विधायक से संतुष्ट हैं? उन्होंने अपने वादे पूरे किए या अधूरे हैं उनके काम?
क्या आप अपने क्षेत्र की सरकारी सुविधाओं सेसंतुष्ट हैं?
क्या नक्सली समस्या पर नियंत्रण हुआ है?
क्या प्रदेश के मंत्रियों के कामकाज से संतुष्ट हैं?
-देश हित के लिए मतदान अवश्य करें-
Tags

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.