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Rupee hits lifetime low of 72.18, drops 45 paise against USD

Tuesday, September 11, 2018

The rupee on yesterday slumped to a fresh record low of 72.18 by falling 45 paise against the US dollar on strong demand for the US currency from importers as the greenback strengthened against other currencies overseas on upbeat jobs data.

At the Interbank Foreign Exchange (Forex) market, the local currency opened at record low of 72.15 a dollar from its previous close of 71.73 and slipped to hit a fresh low of 72.18, down by 45 paise. It had breached its previous record low of 72.11 hit on September 6.

Forex dealers said besides strong demand for the American currency, buying by importers, mainly oil refiners in view of surging crude oil prices and capital outflows, weighed on the domestic currency.

Furthermore, the dollar strength against its rival currencies overseas amid fears of a possible escalation in the US-China trade conflict too put pressure on the rupee, they said.

Rupee weakening credit negative for cos, but effects limited: Moody's
Sustained weakening of the rupee is “credit negative” for Indian companies which generate revenue in rupees but rely on US dollar debt to fund their operations, Moody's Investors Service said yesterday. "Nevertheless, most rated India-based corporates have protections in place -- including natural hedges, some US dollar revenues and financial hedges -- to limit the negative credit implications of a potential further 10% weakening of the rupee to the US dollar from Thursday's (September 6) rate (of 72.11 a dollar),” Moody's VP and Senior credit officer Annalisa DiChiara said.

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