India’s rupee fell to a new record low against the dollar, as the greenback was boosted by another set of strong US economic data. 16 to the US unit — moving past its previous low of 60. 76 hit on June 26 — as Indian importers bought dollars. The rupee has skidded lower as overseas funds pull out of emerging markets on investor expectations abhishek goenka india forex reserve a scaling down of the hefty US monetary stimulus and as India’s domestic economic woes mount.
Param Sarma, chief executive with NSP Forex, a forex consultancy firm. The Indian unit’s tumble raises import prices of everything from oil and fertilisers to food staples such as pulses, stoking already high consumer inflation and causing hardship for India’s poor millions. Weak local share markets have put additional pressure on the rupee as overseas funds sell Indian stocks. 25 points in early trade Monday. Foreign investors have been pulling out money from India — besides other emerging markets — in June, to safer havens such as US Treasury bills.
5 percent in 2013, making it the worst performing currency in major Asian economies. The Reserve Bank of India is believed to have intervened several times in the market in recent weeks, but governor Duvvuri Subbarao said the priority was managing volatility. The central bank does not normally comment on whether it has intervened in the market but dealers reported there were signs of intervention last Friday to prop up the rupee. The reported intervention came after the central bank’s governor said last Thursday that the Reserve Bank of India did not have an exchange rate target. This material may not be published, broadcast, rewritten, or redistributed. All market data delayed 20 minutes. The Board’s responsibilities are active and include a regular evaluation of the strategic direction of the company, management policies, and the effectiveness with which mid-management implements them.
Abhishek Goenka – Founder and CEO Mr. IFA GLOBAL over the last 12 years. She was heading the marketing and sales of a leading apparel brand in London. She joined IFA Global in the year 2008 and has been instrumental in making IFA Global as one of the fastest growing treasury consulting company. Anurag Murarka – Vice President Mr. Anurag Murarka is one of the oldest members of IFA Family. He has a rich experience of over 9 years managing FX and Treasury relations of leading companies across India.
He contributes his views to leading Business Dailies and News Channels. He has attended various executive management programmes from Vivarta Institute. A late recovery in local stocks and fag-end dollar selling by exporters also supported the currency. The rupee opened sharply lower at 60. 91 a dollar from the previous close of 60. 47 at the interbank foreign exchange market and dropped to 61. 20, near the all-time low of 61.