ADVERTISEMENT

Rupee Breaches 79 per Dollar Level for the First Time Ever

The currency depreciated 19 paise to a record low close of 79.04 per dollar, provisionally.

Updated
Business
1 min read
Rupee Breaches 79 per Dollar Level for the First Time Ever
i

The rupee breached the 79 per dollar level, provisionally, for the first time ever on Wednesday, 29 June, marking the sixth straight session of all-time weak levels.

The currency depreciated 19 paise to a record low close of 79.04 per dollar, provisionally.

This comes amid apprehensions about exaggerated oil prices and inflation, and their impact on emerging market assets.

Earlier on Wednesday, the currency opened at a low of 78.86 against the dollar, as renewed focus on the weak economic outlook prompted losses on Asian currencies and shares, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

He said, "The Reserve Bank of India (RBI) could be present to curb volatility, but the strength of crude oil could cap appreciation bias."

A day before, the rupee had plunged by 48 paise to close at record low of 78.85 against the US dollar.

ADVERTISEMENT

This month, the rupee has lost 1.87 percent and eroded by staggering 6.28 percent since the beginning of this year.

Meanwhile, the dollar index, which demonstrates the greenback's strength against a a cluster of six currencies, was trading 0.08 percent lower at 104.42 on Wednesday morning.

Currency depreciation is inflationary and directly reduces the purchasing power of individuals, translating into more expensive overseas holidays, higher fees for overseas education of children, and higher spending on imported goods – food, medicines, wines, cars, mobiles, laptops, etc.

(With inputs from PTI.)

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

Read and Breaking News at the Quint, browse for more from news and business

Topics:  Rupee   Rupee against Dollar 

ADVERTISEMENT
Published: 
Speaking truth to power requires allies like you.
Become a Quint Insider
25
100
200

or more

PREMIUM

3 months
12 months
12 months
Check Insider Benefits
Read More
ADVERTISEMENT
Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!
ADVERTISEMENT
More News
×
×