India rupee currency slumped nearly four percent to a fresh record low against the US dollar

12 September 2013 - Which Way To Pay

Email Article Print Article
    


Currency News: Indian rupee falls by nearly 4% against US dollar

The Indian rupee has hit a low new low against the US dollar and dropped nearly 4% to 68.7 with increasing concerns over the health of the country's economy.

India approved infrastructure projects worth $28.4 bn (17.7bn) to try and perk up the economy and prop up its currency only days before this hit the news.

The rupee is nearly the world's worst performing currency

The rupee lost 20% of its value this year and was down 2.46% at 67.87 rupees to the dollar in the afternoon trade after plunging 3.85% at one point to 68.74 rupees. HDFC analyst Ashutosh Raina warned "The flight to dollar safety is expected to intensify pressure on the rupee in the short-term."

The rupee currency may hit 70 rupees to the dollar before it strengthens

Standard Chartered Bank forecast the rupee may hit 70 rupees to the dollar before it strengthens.

"The fall in rupee is no more (just) a country-specific issue. Emerging markets have been reeling under currency pressure with the dollar strengthening. That is going to definitely continue," Arindam Ghosh, chief executive of BlackRidge Capital Advisors told business channel ET Now.

The India's currency hit hard by other factors which puts pressure on foreign exchange reserves

The India's currency has also been hit hard by other factors, not least the country's burgeoning current account deficit. This widening deficit not only puts strain on the nation's foreign exchange reserves but also indicated that it may need to borrow more money.

news_04.jpg
 

PRODUCT RANGES:

CURRENCY EXCHANGE
Compare Foreign Exchange and Currency >>

LOAN PRODUCTS
Compare Loan and Debt Products >>

CARD PRODUCTS
Compare Cards Products >>

MONEY PRODUCTS
Compare Money Products >>

INSURANCE PRODUCTS
Compare Insurance Products >>

When the planning starts for that special day in everyone's lives , There is always the worry and stress of how much strain it is going to put on your financial situation . Marriage loans are helping lots of people to ease this stress.
08 August 2015
Which Way To Pay
Marriage loans have been introduced to help prepare for the expense you will incur when celebration the most special day of everyone's life.
Read More >>
As everyone wants that big day to be perfect , there is also a hefty cost that comes with it .
14 May 2015
Which Way To Pay
Marriage isn't a cheap affair that's why Marriage loans have proven so popular across India.
Read More >>
Everyone want the best education , But financially this can be a worry
07 October 2014
Which Way To Pay
Getting the best education is the main priority in most people's lifetime.
Read More >>