It opened higher by 24p at 74.15 against the dollar after closing at a lifetime low of 74.39/$.
During Wednesday’s opening trade, the rupee strengthened marginally against the US dollar, on the back of gains in Asian markets. It opened higher by 24p at 74.15 against the dollar after closing at a lifetime low of 74.39/$.
In this year alone, the rupee has declined 14% against the dollar, resulting in the epithet of being the worst performing Asian currency.
Meanwhile, Asian currencies were trading higher with Thai Baht being up 0.23%, Singapore dollar 0.18%, South Korean won 0.14%, Malaysian ringgit 0.12%, Indonesian rupiah 0.08%, China Renminbi and Taiwan dollar each being up by 0.05%.
The RBI recently refused to boost its defense, leaving the rupee in the cold. Against market expectations, it refused to budge and hike interest rates. It has made it clear that its goal is to curb only undue volatility and not target any particular currency level. For now, the rupee seems to be hurtling toward 75-plus level unless some additional assertive policy comes through.
In this year alone, the rupee has declined 14% against the dollar, resulting in the epithet of being the worst performing Asian currency.
Meanwhile, Asian currencies were trading higher with Thai Baht being up 0.23%, Singapore dollar 0.18%, South Korean won 0.14%, Malaysian ringgit 0.12%, Indonesian rupiah 0.08%, China Renminbi and Taiwan dollar each being up by 0.05%.
The RBI recently refused to boost its defense, leaving the rupee in the cold. Against market expectations, it refused to budge and hike interest rates. It has made it clear that its goal is to curb only undue volatility and not target any particular currency level. For now, the rupee seems to be hurtling toward 75-plus level unless some additional assertive policy comes through.
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