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Forex: Rupee enters uncharted territory, at all-time lows


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FXstreet.com (San Francisco) - The horror show for INR continued yesterday as the currency traded to an all-time low against the U.S. dollar; USD/INR pushed above the December 15th high and key resistance at 54.30 and closed in uncharted territory - at 54.5 - recording a 22% gain so far this year.

At these levels, considering global macro conditions, it is likely that the Reserve Bank of India (RBI) will attempt further measures to cap weakness in the currency. On Wednesday, the RBI lost a crucial battle to keep the rupee within earlier support levels, as USD/INR rallied 70 pips from Tuesday's close.

All EM currencies in Asia, not just the rupee, have lost value against the dollar due the euro-zone crisis triggered by Greece's likely exit from the common currency. According to data compiled by Bloomberg, the ringgit slumped 1.1% in Kuala Lumpur, the Korean won dropped 1%, the Philippine peso weakened 0.9% and Thailand's baht fell 0.5%.

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  • 4 years later...

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