Home Business Indian rupee at 74.27, hits fresh record low

Indian rupee at 74.27, hits fresh record low

Indian rupee at 74.27, hits fresh record low

The Indian rupee touched a fresh record low of 74.27 per dollar on Tuesday after opening higher at 73.87 per dollar.

Yesterday it closed lower by 29 paise versus Friday’s close 73.77.

Rupee touched a record low of 74.22 per dollar on Friday after central bank kept the repo rate unchanged at 6.50 per cent but changed the stance from Neutral to Calibrated Tightening.

The 10-Year US Yields were last at 3.2404 per cent, just off a seven-year peak. Meanwhile, The IMF lowered its global growth forecast for 2018 and 2019 to 3.7 per cent – in both cases two tenths less than expected in July – due to the trade tensions between the United States and China.

The downward revisions are widespread throughout the world because growth has proven to be less balanced than hoped. The IMF also highlighted the downward trend in the growth of Turkey, which will drop from 3.5 per cent last year to just 0.4 per cent in 2018 due to the volatility of the Turkish lira. For India, IMF retains FY 19 GDP growth forecast at 7.3 per cent, while cuts FY 20 GDP growth forecast to 7.4 per cent v/s 7.5 per cent, it added.