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The rupee extended its losing run on Wednesday to hit an all-time low as persistent outflows on account of overseas debt repayments and importer hedging demand wiped the modest comfort the currency drew from a hike in duties on precious metal imports.
The rupee declined 0.1% to 95.7450 per dollar, edging past its previous all-time low of 95.7375 hit on Tuesday. A sustained spike in energy prices due to the U.S.-Iran war has clouded India’s macroeconomic outlook by stressing India’s external sector. Economists have marked down growth forecasts for the economy, lifted inflation projections and are forecasting persistent pressure on the rupee.
More to come…
