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Indian Rupee loses against other foreign currencies

Indian rupee has fallen to 18 years low against the US dollar. It has also lost grounds against the pounds, euro and swiss franc. The rupee’s fall has been the same or higher against a host of other foreign currencies, including the pound, the euro and the Swiss franc for the same period.

 

Against the most prominent foreign currency, the US dollar, the rupee today fell to a record low of Rs. 68.75.
An analysis of foreign exchange rates across the world shows that Kuwaiti dinar is the most expensive against the rupee at current level of close to Rs. 243, followed by Bahraini dinar (Rs. 182), Omani rial (Rs. 178) and Latvian lat (Rs. 130).
Adding to the rupee’s woes, the British pound today crossed the 106 level, the euro went past 92, Swiss franc touched the 75 mark, Canadian dollar was at 65, Australian dollar at over 60, while New Zealand dollar, Singapore dollar, Bruneian dollar and Libyan dinar crossed the 50 level.

Among even more expensive foreign currencies, one Kuwaiti dinar is now worth more than Rs. 240, Bahraini Dinar over Rs. 180, Omani rial has went past Rs. 175 and Latvia Lat at Rs. 130.

The plunge has been less sharper against a few like the Australian dollar (10 per cent), the New Zealand dollar (16 per cent) and the Brazilian real (8 per cent).

A few currencies against which the rupee has appreciated since May include those in countries like Panana, Tongo, Surinam, Tajikistan, Solomon Islands, Salvador, Haiti, Kyrgyzstan, Liberia, Syria, Congo, Somalia, Sierra Leon and Guinea.
Source – PTI

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Malvika is a freelance writer who writes on a broad range of subjects for blogs, websites and ezines. You can reach her at: malvika@allindiatoday.com


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