Rupee hits all-time low, opposition hits at BJP

The plung took place on the day when Lok Sabha will debate a no-confidence motion tabled by opposition parties against Prime Minister Narendra Modi's government. This will also contribute to forex market sentiment.

image courtesy: PTI

Mumbai: Continuing its slide for the third session, the rupee collapsed to a life-time low of 69.12 against the US dollar. This happened after the Chinese central bank weakened its daily reference rate for the yuan by the most in two years. At the interbank foreign exchange market, the rupee opened higher at 69 a dollar against 69.05 previously. However, following the plunge in the yuan, the domestic currency fell to an all-time intra-day low of 69.12 against the American currency, showing a fall of 7 paise. Amid the no-confidence motion, the opposition took no time to take a jibe at the ruling government. Sitaram Yechury on Twitter wrote- Not just the Rupee, every single economic parameter has gone down in past 4 years. While the country suffers grievously, Modi and his men make merry, trying to make it solely about religion and community. While Kapil Sibal wrote – No Confidence: In the government, In the Rupee at an all time low of 69.05, In investigating agencies. People are waiting to vote for change in 2019

No Confidence :

In the government In the Rupee at an all time low of 69.05 In investigating agencies People are waiting to vote for change in 2019 — Kapil Sibal (@KapilSibal) July 20, 2018

The rupee's previous all-time intra-day low was 69.10, touched on June 28. A mad rush for dollar was witnessed as importers expected further erosion in the rupee value, forex dealers said. Yesterday, the rupee took a hard 43-paise knock to close below the 69 level for the first time at a historic low of 69.05 against the US currency as upbeat comments on the US economy by the Federal Reserve chairman drove the greenback to one-year high levels higher against global currencies. (with input from agencies)