Latest News – lRupee May Fall To Record Lows Against US Dollar. Why Is Rupee Falling?
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Rupee May Fall To Record Lows Against US Dollar. Why Is Rupee Falling?
The rupee on Friday edged higher to 68.15 against the US dollar, extending its recovery after falling to 18-month low 68.42 on Wednesday. Despite the brief recovery, the rupee is not far away from its all-time low of 68.87 vs US dollar, recorded in November 2016. Besides outflows from domestic capital markets, a rising dollar and a surge in global crude prices have weighed on the rupee. The rupee is down over 6 per cent against the US dollar so far this year. Forex advisory firm IFA Global says that the possibility of rupee heading towards 70 per dollar is increasing. There is a still room for further depreciation from current levels, it adds.