Browsing: Rupees

India
Indian Rupee plunges to new low against Dollar

India’s rupee hit fresh lows against the dollar on Wednesday as emerging market currencies continue to be sold off. The under-pressure currency in Asia’s third-largest economy slid to 70.56 against USD, a record low. The rupee has been steadily falling throughout 2018 after starting the year at 63.67. Earlier this month it crossed 70 for the first time as India was buffeted by the turbulence of the Turkish financial crisis. The rupee was not alone, with the currencies of other emerging economies heavily dependent on dollar-dominated foreign capital like Brazil, South Africa, Argentina and Brazil also slipping in August.The rupee slump is widening India’s current account deficit, when the value of imports exceeds that of exports. India is a massive net importer of oil, securing more than two-thirds of its needs from abroad. High oil prices have been squeezing the rupee, making it less appealing to investors, analysts say. India’s…

Qatar
Rupee decline continues, May touch Rs 70 against USD

Indian rupee today edged higher to 68.34 against the US dollar, but is not very far from its all-time low of 68.87, recorded in November 2016. On Wednesday, the rupee had closed at an 18-month low 68.42 against the US dollar amid capital outflows and concerns over macro-economic conditions. A rising dollar and a surge in global crude prices have also weighed on the rupee. The rupee is down over 6 per cent against the US dollar so far this year. Forex advisory firm IFA Global says that the possibility of rupee heading towards 70 per dollar is increasing. There is a still room for further depreciation from current levels, it adds. The relentless slide of the rupee caused jitters among businesses and investors in India. However, it is good news for non-resident money remitters across the Gulf as they gain more in exchange rate. Rupee vs Gulf currencies Below…

Qatar
Currency fluctuation to benefit expatriates

Most of the expatriates in Qatar are likely to benefit from currency fluctuation in the ongoing year as major currencies remitted from Qatar are likely to depreciate further in 2015. Indian, Nepali, Sri Lankan, Bangladeshi and Pakistani currencies are expected to weaken while currencies of Egypt and the Philippine are expected to remain stable. “The trend of decline in most of the Asian currencies is likely to continue in the current year. The weakening in these currencies is because of ongoing strengthening of US Dollar,” Zuber Abdul Rahman, Operations Manager, Al Zaman Exchange, told The Peninsula. A depreciating currency augurs well for expatriates as a given amount fetches more because of the decline. The dollar index, which measures the dollar’s performance against a basket of major trading currencies, was up 12 percent in 2014. All the major currencies around the globe including Euro, Pound Sterling, Yen and other had weakened…

Community
Indian Rupee may breach 18-mark against Riyal

The Indian rupee, which recently fell close to 17.50 against Qatari riyal, is soon expected to touch 18-mark against riyal, experts say, adding it is just the matter of time. The rupee plunged to 17.44 against riyal on Monday and closed at 17.33. The free-fall has widened the smiles of Indian expatriates who plan to go on holiday to celebrate Christmas and New Year. The rupee has fallen close to nine percent since April when it appreciated to 15.96 against the riyal. “Going by the persistent fall in the rupee in the recent months, we expect it to breach 18 against the riyal in the near future. “Strengthening of the US dollar will lead to further depreciation of the rupee. With oil and gold prices heading down, the dollar has become a favourite of global investors,” said Zuber Abdul Rahman, Operations Manager, Al Zaman Exchange. “It is unexpected gain for many…

Community
Indian Rupee crosses 17-mark against QR

For the first time in 14 months, the Indian rupee has breached the psychological barrier of 17 against the Qatari riyal (QR), bringing cheers to Indian expatriates. The rupee last traded at 17 against the riyal in August 2013. The Indian currency has fallen seven percent since April this year, when it had appreciated to 15.96 against the riyal. In the local foreign exchange market the rupee plunged last Friday to 17.08 against the dollar-pegged riyal before closing at 16.98, leading to a rush among Indian expatriates to send money home. “The depreciation of the rupee has brought smiles to the faces of Indian expatriates. There is a mixed response from customers, with some Indians rushing to send money while others are holding back in anticipation of a further decline,” said Zuber Abdul Rahman, Operations Manager, Al Zaman Exchange. “The Indian rupee is expected to decline further in coming months.…