Business India

Indian rupee price against US Dollar today: Falls to Fresh Record Low of 71.10

Indian rupee price against US Dollar today: Falls to Fresh Record Low of 71.10
Written by Abhishek Lohia

Indian Rupee rose to 71.10 against the dollar on Monday, which is far lower than its record so far. The Indian rupee has reached a record level of 71 on August 31 before. Increasing business tension between the US and China, the rising crisis of Argentina and Turkey and the rise in global crude oil prices have influenced the notion of the foreign exchange market. Sensex of the Bombay Stock Exchange fell 333 points in a volatile trade on Monday on profit-booking. The Sensex fell for the fourth straight session in a row. The market sentiment was affected due to falling in FMCG, realty, power and bank shares and another record low of Rs. Apart from weak global cues, the market is also affected. On Monday, the rupee came to its all-time low of 71.10 per dollar during the trading. This has raised concerns on the macroeconomic front.

The National Stock Exchange’s Nifty closed 98.15 points or 0.84 percent down at 11,582.35 points. During the business, it remained within the scope of 11,567.40 to 11,751.80 points. This is the biggest drop in Sensex and Nifty since August 2. On that day the Sensex was 356.46 points and the Nifty 101.50 points were broken. Meanwhile, as per the provisional data of the stock exchanges, foreign portfolio investors sold shares worth Rs 212.81 crore on Friday, while domestic institutional investors bought Rs 171.92 crore.

According to the moneylenders, the key reason for this is to keep up with the country’s GDP growth rate in the April-June quarter of the current financial year. According to official figures released after the market closure on Friday, the country’s economic growth rate in the April-June quarter of 2018-19 is 8.2%.

About the author

Abhishek Lohia

Abhishek Lohia was a Sports and Political Writer working for Newsfolo and is no longer associated with the organization.

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