Rupee crashes to 72.48 on strong dollar demand from importers; surging crude prices, capital inflows weigh on currency

Mumbai: The rupee on Monday slumped to a recent report low of 72.48 by falling 75 paise towards the US greenback in late morning offers on rising crude oil costs, strengthening greenback and a widened present account deficit.

Earlier the rupee resumed barely decrease at 72.18 towards final Friday’s closing stage of 71.73 a greenback on the Interbank Overseas Trade right here.

Representational picture. Reuters.

The home unit witnessed intense volatility and traded between 72.07 and hit an all-time low of 72.48 throughout morning offers.

India’s present account deficit (CAD) widened to $15.eight billion in April-June in worth phrases this yr as towards $15 billion in the identical quarter of 2017-18, primarily as a result of the next commerce deficit, based on Reserve Financial institution of India (RBI) knowledge launched Friday.

Home macro state of affairs and greenback’s energy amid worry of forex disaster continued to spook the rupee, a seller mentioned.

Abroad, the US greenback edged greater towards a basket of currencies in early Asian commerce on robust US August jobs knowledge and fears of an escalation within the China-US commerce battle.

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