Indian Rupee crashes below the Re/$ 45 mark - Views on News from Equitymaster

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Indian Rupee crashes below the Re/$ 45 mark

Jul 21, 2000

The exchange rate (Re/U$) has slipped below the Rs 45 mark on the back of a surge in corporate demand and the emergence of a ‘temporary’ demand supply mismatch. The exchange rate seems to have stabilized at Rs 45.02 after having hit a low of Rs 45.07 against the US dollar. Accordigng to Mr. K N Dey, Senior Vice President, Mecklai Financial Services “there is no panic in the markets, and it is unlikely that there will be a run on the Indian Rupee. The current situation has arisen due to a rise in corporate demand, which is expected to last through the end of this month.” He also mentioned that the depreciation in the Rupee over the last three days has led to exporters delaying remittances and/or transferring their earnings to the EEFC account.

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