This is the lowest weekly close since the beginning of this month, and it has lost 2.2 percent since the beginning of this year. Thus, it is expected to weaken further.
The 10-year Indian government bond yielded 6.557% last year as compared to 6.558% this year.
The value of the rupee symbol goes down due to India’s low economic growth
Due to India’s lower economic growth, Moody’s changed its India rating outlook to negative and thus Indian rupee plummeted against the dollar.
The dollar index was at 98.34 as compared to its previous close of 98.353. It measures the strength of the US currency against a basket of other major currencies.
Share prices surge while the Rupee to Dollar price plunges
Reuters reported that Asian shares edged higher after US President Donald Trump said that trade talks with China were going on smoothly, but there is still an uncertainty if any deal would be signed this year.
Additionally, Equity benchmark BSE Sensex is trading 24 points, and the Nifty is trading at 11,912.