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Rupee Hits All-time Low

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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 FIIs have withdrawn Rs 13,778 crore from the Indian market.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

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