Skip to content
Search

Latest Stories

Indian Rupee Plunges To All-time Low of ₹ 70.65 Against Dollar

Indian Rupee touched its all-time low of 70.65 against US dollar on Wednesday (29) following high month-end demand for dollar from importers and foreign investment outflows.

The Indian currency fell by 0.70 per cent or Rs 0.49 to close at 70.59 against US currency at interbank foreign exchange market. The rupee had earlier fell to its all-time closing low of 70.16 on Monday (27), earlier this week.


According to the market participants, firm demand for dollar from banks, importers, oil refineries triggered by higher crude oil prices put rupee under pressure on Wednesday (29).

As of now, the investors are eyeing on India’s Gross Domestic Product (GDP) and fiscal deficit data scheduled to be released on Friday (31) to gather clues on the health of the domestic economy. The rupee is expected to exhibit range bound trade of 70.20 and 70.75 for the next two days, market analysts opine.

At the interbank foreign exchange market, the rupee opened lower at 70.32 a dollar against 70.10 previous close and dropped further to a new low of 70.65 in the afternoon trade, down by 55 paise.

Dollar’s strength against some foreign currencies and an upward movement in the global crude oil prices put further pressure on the Indian currency. The dollar index, which indicates the strength of US currency against a basket of currencies, was seen trading up 0.22 per cent at 94.83 on Wednesday (29).

India’s trade deficit touched to a near five-year high of £13.84 billion preventing the gains in rupee. Foreign investors have withdrawn around £ 0.15bn from Indian capital markets on Wednesday (29), according to the provisional exchange data.

The local currency had recovered from the record closing low, gaining 6 paise to end at 70.10 against the US currency on Tuesday (28).

More For You

UK economy contracts unexpectedly in January

Chancellor Rachel Reeves speaks while holding roundtable discussion during a visit to RAF Waddington in eastern England. (Photo by YUI MOK/POOL/AFP via Getty Images)

UK economy contracts unexpectedly in January

BRITAIN's economy unexpectedly shrank in January, official data showed on Friday (14), piling more pressure on the Labour government ahead of its Spring Statement on the economy.

Gross domestic product contracted 0.1 per cent in the month after GDP rose 0.4 per cent in December, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Pakistan’s government is the largest shareholder or owner of most power companies

Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Eastern Eye

PAKISTAN government is negotiating a 1.25 trillion Pakistani rupee (£3.4 billion) loan with commercial banks to reduce its bulging energy sector debt, the power minister and banking association said.

Plugging unresolved debt across the sector is a top priority under an ongoing $7bn (£5.4bn) International Monetary Fund (IMF) bailout, which has helped Pakistan dig its way out of an economic crisis.

Keep ReadingShow less
Deliveroo posts first annual profit after 12 years

A Deliveroo rider near Victoria station in London, England. (Photo by Dan Kitwood/Getty Images)

Deliveroo posts first annual profit after 12 years

FOOD DELIVERY app Deliveroo announced on Thursday (13) its first annual profit as orders and revenue rose, while the 12-year old company sees further growth despite exiting Hong Kong.

The milestone follows sizeable full-year losses owing to high investment costs since American Will Shu founded the company in 2013 and made Deliveroo's first delivery in London.

Keep ReadingShow less
Government to abolish payments regulator to boost growth

Keir Starmer (R) and Rachel Reeves host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street on November 21, 2024 in London, England. (Photo by Frank Augstein - WPA Pool/Getty Images)

Government to abolish payments regulator to boost growth

PAYMENTS REGULATOR will be abolished and its remit absorbed by another financial regulator, the government said on Tuesday (11), as it aims to cut red tape in favour of growth.

The Payment Systems Regulator (PSR), which oversees systems including MasterCard and bank transfers, tackles problems such as fraud, excessive fees and lack of competition among banks and payment providers.

Keep ReadingShow less