The rupee has weakened so much that it has now crossed 69 mark against the US dollar. Crude oil prices and concerns of higher inflation are some expected reasons for this. Previous lowest mark for Rupee against Dollar was on 24 November 2016 of 68.86.
Global oil prices are on the peak since 2014 after and exports climbed to a record. The decision of the US to end all imports of Iranian oil by a November deadline has led to big fluctuations in the international markets including India. Traders are concerned about US-China trade war as it will have an impact on other currencies too.
“The pressure on the rupee has come predominantly on account of the firming up of oil prices again, which have stoked domestic inflation concerns. Alongside, embrace of trade conflict by the Trump administration has hurt risk appetite and repercussions are being sensed across global equities and the forex markets. Sentiments are expected to remain jittery on the back of intensifying trade spat, weakening emerging market currencies and rising crude oil prices,”
said Jayant Manglik, president at Religare Broking Ltd.
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Overseas investors have reduced their holdings of corporate bonds by $6.1 billion and pulled $785 million stocks in 2018. These withdrawals have made rupee the worst-performing currency in Asia. Twitter was quick to recognise this and users started showing their anger.
The Rupee used to make a lot of sense.
69 to the dollar?
The #Rupee used to make a lot of sense.
Now it only makes cents.— Ramesh Srivats (@rameshsrivats) June 28, 2018
If you’re feeling low in life, take a look at the rupee.
#ThursdayMotivation: If you're feeling low in life, take a look at the rupee.
— Punster® (@Pun_Starr) June 28, 2018
Strong words by Kapil Sibal
Rupee at all time low Modiji :
Rs 68 .89 to a $In your pre-poll rhetoric you promised to bring it down to :
Rs 48 to a $Was that also a jumla ?
Chhapan inch ki chhati ka kya hua ?
— Kapil Sibal (@KapilSibal) June 28, 2018
Don’t make the obvious jokes
Rupee is 69 to the dollar. Don’t make the obvious jokes, because those imply 2 way pleasure🤓
— Gaurav Kapur (@gauravkapur) June 28, 2018
Things that are going towards their all-time low
Things that are going towards their all-time low :
1. Rupee
2. German Football Team
3. Australian Cricket Team
4. Potholes in Mumbai— Bollywood Gandu (@BollywoodGandu) June 28, 2018
Whats your take on this? Do let us know in comments.
