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28
June 2018
 |
Dollar to Rupee (The Total Investment & Insurance Solutions)
The
Indian rupee touched an all-time low and breached the 69 per dollar mark on
Thursday due to high crude oil prices and weak macro-economic fundamentals.
At
2.44 p.m., rupee was at 68.92 against the previous closing level of 68.61 per
greenback. The rupee's last record low was 68.87 per dollar, hit on November
24, 2016. The Total Investment & Insurance
Solutions
According
to analysts, demand for dollar is firm due to recent rise in crude oil prices.
Also expectation of a wider current account deficit in the ongoing financial
year (2018-19) further weakened the rupee, they said.
"The
Indian rupee fell to a lifetime low today due to serval factors like rising
dollar and crude aided by a wider current account deficit and continuous
outflow from FIIs (Foreign Institutional Investors) pushed the currency
lower," said Rahul Sharma, senior research analyst at Equity99, adding
that FIIs have sold over Rs 40,000 crore in debt and equity so far this
year.
If
69.5 level is taken out, then there might be a sharp depreciation in the rupee
in coming days and it may move towards 72 per dollar mark in short term, Sharma
told .The Total Investment & Insurance
Solutions
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