Indian Rupee hits fresh record low of 69.61 per United States dollars

Indian Rupee notes are seen in this illustration

The Indian rupee on Monday declined to 69.61 per dollar during the day after opening at a record low of 69.47.

A rupee coin is seen in this picture illustration taken in Mumbai April 30, 2012. The currency had recovered from an all-time low of 69.91 and strengthened by 23 paise to 69.68 against the USA dollar in opening trade, it, however, plunged quickly.

The 10-year bond yield stood at 7.801%, from its previous close of 7.823%.

On Friday, the rupee had lost 15 paise to end at 68.83 against the resurgent dollar.


According to Bloomberg data, while most Asian currencies are weakening, the rupee has been among the three biggest losers, having shed over 5% of its value between February and June 2018. The fall in Turkish Lira has spread the fears that the economic slump in Turkey could spread to other economies.

A weak trend in Asia coupled with sell-offs on Wall Street last week and a slump in the Turkish lira dampened the sentiment globally, brokers said. Experts believe that a possible intervention by the Reserve Bank of India (RBI) could have stemmed the rupee's fall. This has strained emerging market currencies such as India.

The rupee has been among the worst performing currencies against the dollar compared with its peers so far this year.

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