1. Indian rupee falls to nearly 2-year low, slides further, down 69 paise at 64.88 against US Dollar

Indian rupee falls to nearly 2-year low, slides further, down 69 paise at 64.88 against US Dollar

The Indian rupee dropped sharply on Wednesday to touch its weakest level against the dollar since 2013, as China's move to devalue the yuan sparked fears of a global currency war.

By: | Mumbai | Updated: August 12, 2015 2:18 PM
indian rupee

The Indian rupee dropped sharply on Wednesday to touch its weakest level against the dollar since 2013, as China’s move to devalue the yuan sparked fears of a global currency war. (Agencies)

The Indian rupee tumbled 69 paise to a nearly 2-year low to 64.88 on sustained dollar demand from banks and importers in view of a higher dollar overseas following yuan devaluation.

The rupee resumed lower at 64.55 per dollar as against yesterday’s closing level of 64.19 at the Interbank Foreign Exchange (Forex) market and dropped further to a nearly 2-year low at 64.88 at one point.

China’s surprise decision to devalue the yuan sparked a sell-off in global currencies. The ones that were worst hit were those from economies whose exporters either rely on Chinese companies to buy their products or compete with their exporters for customers.

Also Read: Yuan devaluation to hit Indian exporters, rupee to remain under pressure

Oil prices extended losses in Asia today as Chinese economic worries and oversupply concerns added to the downward pressure, analysts said.

US benchmark West Texas Intermediate (WTI) for September delivery fell five cents to USD 43.03 while Brent for September slipped 35 cents to USD 48.83.

Persistent fall in equity market also affected market sentiment. The Sensex was trading at 27,688.59, down 177.50 points, or 0.64 per cent.

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  1. A
    akshay
    Aug 12, 2015 at 2:59 pm
    nearly two yr rupee low
    Reply

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