Indian Rupee crash to an all time record low

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Today saw the Indian Rupee crash to an all time record low against the U.S Dollar which is a result of the Sub-Saharan country’s fiscal deficits and further raises its profile as the region’s worst performing currency, an unfortunate crown it has had since March of this year.

The Rupee fell to 54.46 per Dollar, well below the previous low of 54.30 which we reported on in December of last year. Analysts around the world are blaming that uncertainty of the Euro as the root cause.

“Unfortunately for the rupee, this is not a great environment to run a current account deficit and thus be reliant on capital inflows from foreign lenders,” said Sean Callow, a senior currency strategist at Westpac Banking Corp in Sydney who spoke to The Times of India.

The Reserve Bank of India (RBI) has tried and failed to halt the slide of the rupee after targeting deposits and exports. So what next?

Callow continued, referring to the INR/USD exchange rate by stating “I suspect only radical steps by RBI – or sudden action by foreign central banks and/or G20 – will stop a push through 55 and quite possible higher.”

The rupee isn’t expected to get any better during quarter 2 of this year and since February has seen a fall of 10% against The Greenback.

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