In the early trade on Thursday, June 28, Indian rupee opened at 68.89 and hit an all-time low of 69.09 a dollar. Breaching the all-time low record of 68.87, the market opened with 69.10 and fell down 0.61% from the previous close of 68.63. High demand of dollar from importers, oil refiners and banks have put an additional pressure on the rupee. Oil prices have increased since the United States have announced to end its oil import partnerships with of Iran.
Today’s money crash was the lowest closing for the Indian rupee since November 24, 2016. At that time the value of the rupee was 68.73 as compared to a dollar.
On the deteriorating condition of the Indian rupee, market expert Rushabh Maru said the people are expecting RBI to intervene in the matter and take the appropriate action. The regulatory board should take measures to control the currency level by 68.80-68.85. If the situation continued then we may see a sharp depreciation and rupee may hike to 70.00- 70.50.
Manish Wadhawan, share market expert said that rupee will be affected whenever the dollar gets strengthen globally. He also added that India is a trade deficit country and it is natural when oil firms up, rupee get weak.
In the international market, US oil prices fall from a three-and-a-half year high. The physical market was not affected despite high demand and ongoing disruptions, say reports.
As per reports, the Asian stocks fell down to last 9 month lows, the US administration’s approach to trade is harming global markets and growth even as it appeared to change the approach to curb Chinese investments in US tech firms.