Indian rupee falls to another record low: Rs16.53 vs Dh1, Rs60.73 vs $1

The beleaguered Indian rupee fell to its worst-ever exchange rate of Rs16.53 against the UAE dirham and breaching the key psychological barrier of Rs60 versus $1 at 2.30pm UAE time (10.30am GMT) today (Wednesday).

And this happened even as India’s central bank, the Reserve Bank of India (RBI) came to the rupee’s rescue to try and stem the rot in early morning trade.

However, after fighting that level for a few hours, the rupee finally gave way at around 1.30pm UAE time and quickly sank to Rs60.59 at 2.30pm UAE time. The rupee weakened further during the evning, cosing at Rs16.53 vs. Dh1 (Rs60.73 vs. $1) at 8pm UAE time (4pm GMT).

The decline in the Indian rupee fed into the stock price slump while, at the same time, pushed bond prices lower, pushing up 10-year bond yield up 4 basis points to 7.54 per cent from the previous close.

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