Indian Rupee lowers down to a new level against US dollar

The Indian Rupee has fallen down to a new level at ₹ 71 against the US Dollars and Twitteratis have lost it.

Indian Rupee Indian Rupee lowers down to a new level against US dollar Source : Press

Friday, August 31, 2018, marked the day of the Indian Rupee lowering down to a new level. The Indian Rupee lowered to ₹ 71 against the US Dollars.

VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities was quoted as saying "Indian Rupee has depreciated around 11% year to date. Higher crude oil prices, demand from defense and oil marketing firms have contributed to the latest bout of weakness."

The fall in Indian currency is due to the persistent demand for the US currency amid rising crude prices.

And the weakness in almost all other Asian peers also gave a boost to the dollar today. The Indian rupee was trading at 70.93/94 per dollar and glided to 71 per dollar in opening deals before recovering slightly on the back of dollar sales by state-run banks.

Several big names have started reacting on the same and the hashtag #RupeeAt71 has started trending on the internet.

Here are some of the tweets.

Sharad Yadav- "#RupeeAt71. It shows that d economy of our country has been ruined. Notebandhi, GST & other wrong decisions & policies of d Govt in addition to record high prices of petrol & diesel have pained farmers & everyone. Jobs, businesses have gone but only top 10-15 groups have work."

Kuldeep Kadyan- "Rupee All Time High.... Modi ji all time low !!! #RupeeAt71."