The Indian rupee hit its fresh all-time low against the US dollar.
it fell to 74.27 level against the US currency in afternoon trade today.
The rupee has fallen 16.64% to an all-time low of 74.27 level intra day (October 9) .
Look at factors Why Rupee is at its lowest level :
1. Rising oil prices is major reason for low value of Rupee . Due to increase in cruid prices current account deficit is also increased . brent crude oil prices rose back above the $84 per barrel in the international oil market.
2. Broader emerging market concerns: Sell off in market . FIIs have withdrawn Rs 13,778 crore from the Indian market.
3. Dollar demand: Strong Demand for USD in market .
4. High US treasury yields and it is expected that it will increase further.
5. Sanction On Iran : Iran is also a point of concern being the biggest exporter to India for crude oil.
6. Trade Deficit hits a 5 year high .
Current account deficit (CAD) has become a big worry for the home currency.
— SK Sharma, CM, BOI
