Time to remit? Indian Rupee falls to the lowest since December

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Indian Rupee fell to the lowest level since December 2018 as uncertainty over the developments in Jammu and Kashmir state added to a Yuan-driven sell-off.

The Rupee on Monday morning hit 19.32 against Qatari Riyal, as the Indian stock markets crashed.

Here are the exchange rates against GCC currencies:

1 QAR = Rs 19.32
1 AED = Rs 19.15
1 SAR = Rs 18.75
1 KWD = Rs 231.26
1 OMR = Rs 182.76
1 BHD = Rs 186.63

(Note: Bank transfer rates may be slightly lower than the above)

The Rupee weakened as much as 70.65 against the dollar, the most since 11 December 2018, before paring the loss to reach 70.36 to the dollar at 12.18pm IST.

The BSE Sensex was trading at 36,645.82 at 12.18pm IST, down 463 points, or 1.25 per cent, while the NSE Nifty was at 10,858.85, down 138.50 points, or 1.26 per cent.

The uncertainty sparked by the developments in Kashmir pressured the currency on a day when Asian markets are grappling with a rout after Chinese currency Yuan fell past 7 per dollar for the first time.

Indian shares sank to a fresh five-month low, led by losses in metals and public sector bank stocks, following a global sell-off as investor fears were piqued by the escalating Sino-U.S. trade war in the broader Asian markets.

Published on 5 August 2019

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