Market News

Indian Rupee Hits Record Low as Broad Dollar Strength Weighs - BLOMBERG

JUNE 20, 2024

Malavika Kaur Makol and Ronojoy MazumdarBloomberg News

, Bloomberg

(Bloomberg) -- The Indian rupee declined to an all-time low as broad dollar strength weighed on most emerging Asian currencies.

The currency fell 0.2% to 83.6512 against the greenback on Thursday, weakening past the previous low of 83.5750 touched in April, according to Bloomberg-compiled prices.

The dollar strengthened on Thursday as the Swiss National Bank delivered an interest-rate cut, underscoring the divergence in monetary policies among global central banks as the Federal Reserve delays easing policy. In India, the central bank has allowed the rupee to weaken, though it intervenes to curb wild swings. The rupee is still the best performing currency in Asia this year after the Hong Kong dollar.

“US dollar strength is dominating the market at the moment and that is what is driving the rupee to a record low,” said David Forrester, a senior strategist at Credit Agricole CIB in Singapore. 


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