The Indian rupee yesterday breached the 17.63 level against the Qatari riyal to close at 17.58 per riyal — its lowest level in 2015.
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The Indian currency yesterday depreciated 10 paise from Wednesday’s close of 17.48 per riyal. The rupee is on a declining trend since the start of this year. It was trading around 17 per riyal in the beginning of the year and has lost 58 paise so far in 2015.
“There was a sharp fall in the rupee on Thursday as it lost 10 paise. This is the lowest level the Indian currency has fallen so far this year,” said Zuber Abdul Rahman, Operations Manager at Al Zaman Exchange.
“The depreciation in the rupee is likely to continue in the near future,” he added.
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The recent depreciation of the rupee against the Qatari currency has brought smiles to the faces of Indian expatriates, who are thronging exchange houses to send money to their families in India.
The current fall in the rupee has been triggered by a fall in the Indian stock market.
“The Indian rupee is mirroring losses on the equity markets and has been catching up with their bearish bias. We have witnessed a huge FII (Foreign Institutional Investor) outflow in equities and debt markets in the last one month, which led the Indian rupee to move out of the range of 63 and 61.50 per dollar, which it was trading in over the last six months,” said Navneet Damani, Associate Vice President, Commodity Research, at Motilal Oswal Commodities Broker, a Mumbai-based brokerage firm.
