Home Market Rupee in free fall, sinks to fresh 7-month low

Rupee in free fall, sinks to fresh 7-month low

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NEW DELHI: The rupee fell by further 6 paise on Wednesday to hit a fresh 7-month low of 65.70 against the dollar.

The domestic currency on Tuesday lost 15 paise to end at a near 7-month low of 65.64 on worsening trade scenario and a fresh ripple of geopolitical tensions.

The rupee has lost about 1 per cent in the past three trading sessions. With the technical level above 65.50 breached for a prolonged period, the local unit is Asia's worst performing currency this year after the Philippines peso.

The ongoing trade war between US and China may impact the Chinese currency, with an impact on other emerging markets including India. Moreover, rising geopolitical tensions after the missile attacks in Syria continue to threaten global stability.

Oil prices edged up on Wednesday, lifted by a reported fall in US crude inventories and the ongoing risk of supply disruptions.

Meanwhile, the domestic equity market opened in the green on Wednesday. At 09:17 am, the BSE Sensex traded 44 points up at 34,439 while NSE Nifty climbed 24 points to 10,573.

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