- INR hit a fresh lifetime low of $69.09.
- The sharp drop in Yuan – the regional anchor, has likely pushed INR lower.
The Indian Rupee (INR) fell to record low of $69.09 on Thursday, possibly due to a sharp decline the Chinese Yuan- a regional anchor and due to rising oil prices.
At press time, the USD/INR pair is trading at $68.95.
The Chinese Yuan (CNY) has dropped close to 4 percent in the last 14 days and is likely pulling INR and other Asian currencies lower with it. Further, a persistent dollar demand from importers, mainly oil refiners, is likely adding to the bearish pressure around the Indian currency.
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