To the not much anticipated move, the Rupee depreciated below the granted mark of 65 against the U.S. Dollar on Thursday. This is the seventh time when it’s sliding, and sliding right up to 33 paise. This has been the weakest situation tracing back until September 2013, when the currency was seen to be in its darkest days since 1991.
The Rupee has devalued to as low as 65.10 to the Dollar.
“Rupee will not touch 66 very soon,” said Jayesh Mehta of BofA ML.
Much to our relief, it has been indicated by experts that the currency is in a much better position as compared to other Asian currencies.
The Rupee has tumbled by 104 paise or 1.63 per cent in the paste doc trading days.
Adding to the pandemonium was China’s surprise decision to devalue the yuan, thus sending “shockwaves through global currency markets.” as said in the Economic Times.
The ones have been most affected by this transition are the companies who were fixed on the Chinese companies to buy their products or compete with their exporters or customers, PTI said in a report.
Tags: Dollar Rs vs Dollar
