Rupee Hits Lifetime Low Of 71.10 Against US Dollar. 5 Points
INR Vs USD: The Indian crashed to yet another record low of 71.10 against US dollar today after recovering in early trade today, reported news agency Press Trust of India (PTI). The recovery in Indian currency in early trade was due to the robust GDP (Gross Domestic Product) growth data for the April-June quarter of current fiscal, said traders. According to forex dealers, besides fresh selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market also supported the rupee in opening trade today.
Here are 5 things to know:
1. Indian rupee strengthened in early trade today but a positive dollar against other currencies overseas, on escalating global trade tensions, capped the gains.
2.
GDP (Gross Domestic Product) data released after market hours on Friday showed that India's economy grew at a two-year high of 8.2 per cent in the April-June quarter of 2018-19 on strong performance of manufacturing and agriculture sectors. This cemented India's position as the fastest growing major economy ahead of China's 6.7 per cent.
3. On Friday, the rupee registered a fresh all-time closing low of 71 against the US dollar. Continued month-end demand for the US currency amid rising crude oil prices dragged the rupee to fresh record lows on Friday.
4.
Benchmark equity indices opened on a positive note on Monday. At 9:43 am, the S&P BSE Sensex jumped 129.36 points or 0.33 per cent to trade at 38,774.43. The broader Nifty50 climbed 25.80 points or 0.22 per cent to trade at 11,706.30.
5. Asian stocks dipped on Monday on worries about further escalation of the US-China trade war and unstable emerging market currencies. Oil prices also dipped on Monday on rising supply from OPEC and the United States, although expectations of falling Iranian output once US sanctions take effect in November provided some support, reported news agency Reuters. (With agencies inputs)