Indian rupee opens higher by 7 paise at 67.72 per dollar

Indian rupee opens higher by 7 paise at 67.72 per dollar

On Wednesday, May 16, the rupee hit a 16-month low of 68.13, before pulling back towards 67.50 levels the next day.

The RBI intervention is believed to have come after the rupee joined an emerging market currency selloff which prompted central banks from Indonesia to Turkey to intervene to stabilise their currencies. Brent crude, an worldwide benchmark, was trading at $77.73 a barrel in early Asian trade.

In the forex markets on Wednesday, the rupee opened lower at 68.14 and slipped further to a fresh multi-month low of 68.15 in early trade.

After posting strong gains against the USA dollar in 2017, the rupee has fallen sharply against the greenback this year.

Experts caution the domestic currency could continue to be under pressure. India being a net crude oil importer, a rise in prices can affect the import bill and disrupt the fiscal position, derailing growth potential. While this is significantly higher than $20-30 billion seen in recent years, there are concerns over whether the capital inflows would continue that could fund this CAD. Goenka expects the rupee to touch the 70-mark against the greenback in early 2019. The rupee is down about 6 per cent so far this year against the United States dollar. India's foreign exchange reserves have also fallen as much as $7 billion from their peak as the central bank without admitting to intervention has been doing so, said dealers.

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