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Rupee Hits Record Low Of 68.86 Against US Dollar; RBI Has Intervened
Swarajya Staff
Nov 24, 2016, 02:45 PM | Updated 02:45 PM IST
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The Indian rupee hit a record low of 68.86 per dollar today (24 November), said a Reuters report. Chief causes of this fall appear to be the demonetisation drive in India, capital outflows from emerging markets and renewed interest over Fed interest rate hike.
PTI tweeted:
#Rupee hits record low of 68.86 by plunging 30 paise against US currency.
— Press Trust of India (@PTI_News) November 24, 2016
The previous all-time low was 68.85 per dollar, in August 2013, at a time of serious currency crisis in the country.
The Reserve Bank of India is said to have intervened in order to help rebound the rupee.
The Economic Times reported that that rupee has already plunged 2.5 per cent since the 8 November announcement of demonetisation of old Rs 500 and Rs 1,000 notes.
According to Abhishek Goenka, who is the founder and chief executive officer of India Forex Advisors, the rupee will remain weak for longer.
We expect that the weakness in the rupee could continue for the next three months and could test levels of 70.50 in the near term.
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