Rupee’s Fall Against Dollar Continues, Expected to Hit 78 per Dollar

The rupee hit a lifetime low of 77.46 against the dollar on Monday, surpassing the psychological barrier of 77.

A Business Standard survey showed most respondents see the Indian unit under pressure in the near term.

The rupee is expected to breach the 78 to a dollar level before the end of the month.

The previous all-time low was hit on March 7, when the rupee ended the day at 76.97 to a dollar.

The central bank of India, RBI, is believed to maintain forex reserves of $600 billion, given the uncertainties.

Global crude oil prices, trading above $113 per barrel, also put pressure on the currency, with India importing over 80 per cent of its requirements.

Source: Business Standard