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Rupee Hits Record Low, Current Account Deficit Widens to 5-Year High
September 27, 2018
As the current-account (CA) deficit widens to the maximum in the past 5 years, the Indian Rupee has plunged to new lows. It has become one of the top declining currencies in Asia and stood at 72.55857 against the US dollar recently. Furthermore, the stocks have declined and the benchmark 10-year bond yield has gained 11 basis points to 8.14%.
The head of money markets of Mumbai-based holding company FirstRand Limited Paresh Nayar said that the apart from strengthening the US dollar, concerns about financing a wider CA deficit are also hurting the Indian Rupee.
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