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October 14, 2018

Rupee likely to remain stable

Business

October 14, 2018

The rupee came under tremendous pressure against the dollar during the outgoing week, amid increasing balance of payments crisis.

The rupee depreciated by around eight percent in the interbank market, the biggest drop of 2018 in five rounds of depreciation this year. It weakened by two percent in the open market. The currency slipped to 133.64/dollar in the interbank market on Tuesday from 124.27 in the previous trade, amid concerns that authorities may be powerless to defend the currency ahead of a planned bailout talks with the International Monetary Fund.

In the open market, the rupee closed at 134.50 against the dollar. Analysts welcomed the currency devaluation, saying that it would help curb imports of luxurious goods; hence, would bring down the import bill. The rupee extended losses and finished at 133.76 on Wednesday and 133.80 in the fourth day of trading.

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