Indian rupee collapses to lifetime low on outflow worries

Quick Summary:

MUMBAI, Aug 5 — The Indian rupee fell to an all-time low at the open today, on worries that the risk off prompted by US...

The sharp selloff may prompt the Reserve Bank of India to let USD/INR move higher to 83.90, a trader at a public sector bank said.

The selloff in US and Asian equities following a disappointing jobs report spurred worries of foreign outflows from India and other emerging markets.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaIndia

Topics: Foreign exchange Indian rupee Foreign currency US recession Rupee

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-05 @ 12:09:51 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: malaymail.com

Language: English

Article Length: 111 words

Reading Time: 1 minutes read

Sentences: 8 lines

Sentence Length: 14 words per sentence (average)

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Copyright Owner: © Malay Mail

News ID: 21930724

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Official Website: malaymail.com

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