Not just (Indian)rupee, other Asian currencies are also tumbling against dollar
US trade and economic policies are making Asian currencies weak against the greenback.
As US President Donald Trump announced a fresh round of tariffs to be imposed on Chinese goods worth $ 200 billion yesterday, the rupee went down by 1.1 per cent and closed below the 72-mark against the dollar. The rupee was trading at 72.40 to the dollar, compared with Monday's close of 72.51 during the early session on Tuesday.
The value of the Indian rupee has also come down by nearly 12 per cent since the beginning of this year. However, compared to December 2017, IMF spokesperson Gerry Rice estimates that the real effective depreciation in the value of rupee is between 6-7 per cent.
But it is not just the value of rupee that has been falling against the dollar.
South Korean won
South Korean won lost 1.07 per cent on Monday. The won was quoted at 1,128.3 per dollar, 0.15 per cent weaker than its previous close at 1,126.6. Korea’s won and India’s rupee were both sharply weaker first thing Monday.
Indonesian rupiah
The rupiah declined by 0.5 per cent. The currency has lost 9 per cent so far this year and is the second worst performing currency in the region.
Japanese yen
The Japanese yen has touched its lowest value against the dollar since mid-July at 112.16. The yen had touched 112.86 during mid July.
The Japanese currency stood at around 105 against the dollar around the end of March 2018.
Chinese yuan
The Chinese Yuan weakened by 45 basis points (100 basis points = 1 per cent) to 6.8554 against the dollar on Tuesday, Xinhua News Agency reported.
(With inputs from Reuters and PTI)
- https://www.indiatoday.in/business/...so-tumbling-against-dollar-1342755-2018-09-18
උඹ ගෑස් බෝතලයක් දැකලවත් තියෙනවද අඩුම ගානෙ ? 