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The Indian currency stands out as one of the most vulnerable and underperforming currencies in Asia.
The Indian rupee rose on Monday to 30 peas to 68.57 against the US dollar at the start of trading on the foreign exchange market. India (PTI). The rise in the Indian rupee on Monday is due to the increase in greenback sales by exporters and banks, as part of a heightened opening of the domestic stock market . According to currency traders, the weakness of the US dollar against some foreign currencies after US jobs data showed that slower than expected wage growth also supported the Indian currency
. National stock markets began the week of Monday on a positive note . The Sense & Senbad BSE Index rose 229.88 points, or 0.64%, to trade at 35,887.74 early in the morning. The Nifty50 index jumped 65.65 points, or 0.61%, to settle at 10,838.30.
2. The rupee on Friday slid to 69.03 against the US dollar in the first transactions before ending 8 pound higher at 68.87, largely followed by gains in major Asian units in the midst of dollar weakness off -sea.
3. The rupee had hit a historic lows of 69.10 against the dollar on June 28th. On Thursday, the Indian currency plunged for the second consecutive session and hit a new low of 68.95, sliding 21 pence after a panic demand for the US dollar coupled with worries of theft of wild capital.
4. According to a report by PTI, the Indian currency stands out as one of the most vulnerable and underperforming currencies in Asia with a fall of nearly 8 percent in value against the bull of the reviving dollar.
Analysts say the trade war between China and the United States is putting pressure on all Asian currencies, but the rupee is the hardest hit up here. Foreign portfolio inflows into the domestic equity market also declined due to worries over the US-China trade war, a banker said. (With PTI entries)
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