Mumbai, October 11: The Indian rupee has hit a new low of 74.47 as compared to the US dollar. Reportedly, the Indian rupee is one of the worst performing major emerging market (EM) currencies in 2018 and the worst in Asia-Pacific. The Sensex has slipped more than 900 points to 33,871, down 2.56 percent. Rupee on a Free Fall Against Dollar! Here is How the Indian Currency Stands in Comparison to Its Neighbours.
Petrol and diesel prices in Delhi are Rs 82.36 per litre (increase by Rs 0.10) and Rs 74.62 (increase by Rs 0.27) respectively. Petrol in Mumbai has increased by Rs 0.9 to Rs 87.82 and diesel is at Rs 78.22 per litre (increase by 0.29). The rise in crude oil prices, an increase in Current Account Deficit are acting as major dampeners. Earlier this year, crude oil hit $80 a barrel for the first time since late 2014. Crude oil has gained USD 7 a barrel in a fortnight driven by fears over US-China trade war and the US sanctions on Iran contracting supplies. Fuel Rates Continue to Rise, Petrol in Mumbai at Rs 87.82/Litre & Diesel at Rs 74.62 in Delhi.
According to a report by Nomura Research, rising oil prices and a weakening rupee means that India’s current account deficit may widen to 2.8 percent of the GDP this financial year, up from 1.9 per cent last year.