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The woes of the rupee might not end anytime soon. Yesterday, it retreated severely to hit a record closing low of 70.16 against the US dollar. This was after it extended its recovery momentum and opened higher at 69.75 after a weekend close of 69.91 at the inter-bank foreign exchange (forex) market.
This slide was on the back of increased wariness over a near-term monetary policy tightening by the US Federal Reserve. Moreover, the rupee has been depreciating steadily since the past few months.
Even though Dalal street and NSE scaled new heights, the gains didn’t rub off on the rupee, which plunged by 25 paise. Equity benchmarks posted their best gains in nearly five months, amid global cues and investors hopeful about US Fed raising interest rates “gradually.”
So, what is ailing the rupee? Apart from increasing protectionism by US hitting the forex market, the rupee is hit by a range of factors, including a rising current account deficit, tepid export growth, and surging crude prices.
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