Source : financialexpress | Image Courtesy : financialexpress
The volatile global currency has caused Indian Rupee trade two years lowest on August 21st. It plunged deep by 29 paise against US Dollar hitting 65.83 a Dollar.
Domestic currency is under a huge pressure created by China Driven economic crisis. Moreover raising tension in between South Korea and North Korea, and weakness in emerging market currencies fueled the fire.
Rupee fall is triggered by domestic factors as well. Investment climate needs an overhaul and earning too needs a boost. Recent offloading in portfolios by foreign investors and global traders also has been a major factor in Rupee devaluation.
Dollar too continued to grade weak against a basket of the six major currencies. The US dollar index, which tracks the greenback against the basket, was 0.38 per cent lower at 95.41.
The RBI fixed the reference rate for the dollar at 65.8298 and for the euro at 74.2692.
Dropping against the pound sterling rupee ended at 103.22 and euro finished at 74.24 following the same trend of downfall.
The similar fall was recorded for Yen; the Japanese currency traded at 53.64 per 100 yen a new low.