Mumbai:
The rupee pared initial gains to drop to a fresh all-time low of 71.79 against the US currency, falling 21 paise in late morning deals Wednesday on sudden bouts of dollar-buying by banks and importers.
Earlier, the rupee resumed higher at 71.43 against yesterday’s closing level of 71.58 a dollar at the interbank foreign exchange market here.
The Indian unit was trading on a volatile note, moving in a wide range quoting between 71.40 and 71.79 during morning deals.
“Rupee’s speculative demand is causing volatility amid crisis in the emerging market currencies and consistent rise in the crude oil prices,” a dealer said.
The dollar strengthened against a basket of currencies overseas as the US economy continued to exhibit strength amid a lingering threat of escalation in the US-China trade conflict, leading to a fall in the domestic unit.
Meanwhile, the 30-share BSE Sensex is modestly lower by 29.83 points or 0.08 per cent at 38,128.09 at 1100 hrs.
Flashback:
Rupee at 60. It is mayhem. Close to an economic crisis. But well, the government is silent.
— Chetan Bhagat (@chetan_bhagat) June 20, 2013
It is refreshing to know that the rupee will get stronger at Rs.40/- per dollar if Modi comes to power http://t.co/OacZDXesGy
— Gurudev Sri Sri Ravi Shankar (@Gurudev) March 20, 2014
UPA Government and the Rupee seem to be in a competition with each other on who will tumble down more. http://t.co/Rl8RMMJ9kZ
— Narendra Modi (@narendramodi) July 24, 2013
In 2013, even Narendra Modi had said the fall in the value of rupee is not because of its ‘size’ but because of people sitting in Delhi who are busy in corruption.
Rupee is not losing strength because its size has changed.It is because those sitting in Delhi are busy in corruption: Modi ji
— narendramodi_in (@narendramodi_in) July 14, 2013
A Twitter user quoted Sushma Swaraj’s tweet in 2013, “The Rupee has lost its value. The Prime Minister has lost his grace.”
To Quote Sushma Swaraj: The Rupee has lost its value. The Prime Minister has lost his grace. pic.twitter.com/J3IQtOBZnQ
— Joy (@Joydas) May 7, 2015
With inputs from PTI