<p>The rupee on Monday logged its worst performance in over three months, as it depreciated by 88 paise or 1.2% against the US dollar.</p>.<p>In the early morning trade, the rupee opened lower at 69.87 and fell further to settle lower by 88 paise to close at 70.46, its biggest single-day loss since August 13. Earlier on Friday, the rupee had strengthened by 27 paise to close at a four-month high of 69.58 against the greenback.</p>.<p>On August 13, it had closed at Rs 69.93, its weakest ever back then. The 1.56% decline on that day was also the currency’s sharpest single-day fall since September 2013. The rupee had tumbled by 109 paise on that day.</p>.<p>The fall in the rupee was triggered by the weak GDP growth numbers and the rising crude oil prices. Crude oil prices surged over 3.85% to $61.75 per barrel in global markets. Last weak, the government informed that the GDP growth has slowed down to 7.1% for the September quarter.</p>.<p>According to the forex dealers, the speculation that the Reserve Bank of India is going to hold on to the policy rates at a time when the Federal Reserve has been gradually increasing its policy rates has also contributed to the slide in the rupee.</p>.<p>Some other forex dealers suggested that the greenback had gained strength after the US and China agreed to put off imposition of higher tariffs from January 1 while entering a 90-day period of talks to bring an end to the dispute.</p>.<p>During the day, the rupee was the worst performing emerging market currency after crude oil prices advanced and India’s economic growth in the second quarter missed estimates. </p>.<p>The slide in the rupee happened despite the fact that foreign funds invested Rs 293.12 crore on a net basis in the Indian capital markets. Meanwhile, Financial Benchmark India Private Ltd (FBIL) has set the reference rate for the rupee/dollar at 70.028 for Monday.</p>
<p>The rupee on Monday logged its worst performance in over three months, as it depreciated by 88 paise or 1.2% against the US dollar.</p>.<p>In the early morning trade, the rupee opened lower at 69.87 and fell further to settle lower by 88 paise to close at 70.46, its biggest single-day loss since August 13. Earlier on Friday, the rupee had strengthened by 27 paise to close at a four-month high of 69.58 against the greenback.</p>.<p>On August 13, it had closed at Rs 69.93, its weakest ever back then. The 1.56% decline on that day was also the currency’s sharpest single-day fall since September 2013. The rupee had tumbled by 109 paise on that day.</p>.<p>The fall in the rupee was triggered by the weak GDP growth numbers and the rising crude oil prices. Crude oil prices surged over 3.85% to $61.75 per barrel in global markets. Last weak, the government informed that the GDP growth has slowed down to 7.1% for the September quarter.</p>.<p>According to the forex dealers, the speculation that the Reserve Bank of India is going to hold on to the policy rates at a time when the Federal Reserve has been gradually increasing its policy rates has also contributed to the slide in the rupee.</p>.<p>Some other forex dealers suggested that the greenback had gained strength after the US and China agreed to put off imposition of higher tariffs from January 1 while entering a 90-day period of talks to bring an end to the dispute.</p>.<p>During the day, the rupee was the worst performing emerging market currency after crude oil prices advanced and India’s economic growth in the second quarter missed estimates. </p>.<p>The slide in the rupee happened despite the fact that foreign funds invested Rs 293.12 crore on a net basis in the Indian capital markets. Meanwhile, Financial Benchmark India Private Ltd (FBIL) has set the reference rate for the rupee/dollar at 70.028 for Monday.</p>
