The biggest single-day fall of rupee has been recorded for the first time breaching the 70 level mark of Indian rupees since August 2013.
- The reasons for the downfall of the rupee is said to be the souring US-China trade relations resulting in Yuan’s slide to record low as well as the Indian government’s move to end Jammu and Kashmir’s special status.
- A free fall has been seen in the global currency markets after China’s central bank agreed on the Yuan to slide to a record low against the dollar.
- The rupee lost close at 70.74 to a dollar which is 1.63%, the weakest since March 2019.
- Bloomberg volatility shows the one-month surge to 6.79% versus 5.03% last week.
- Gold prices also hit 6 years high in global markets and Indian stocks markets fell sharply resulting selloff in other Asian markets.