US dollar jumps against rupee in interbank

The rupee fell to its lowest ever value against the US dollar after it sunk another Rs1.9 in the interbank on Wednesday afternoon to a record low value of Rs240.

During intraday trading in the interbank on Wednesday, the rupee started the day at Rs238.91, the value at which the market had closed on Tuesday afternoon.

However, political uncertainty and devastation from the floods – which culminated in a slower growth projection by the ADB on Wednesday morning, meant that there was additional pressure on the rupee.

The rupee lost around Rs1.9 against the US dollar in the interbank trading on Wednesday as it sunk to Rs240.

This is the rupee’s lowest-ever value in the interbank after it had sunk to Rs239.94 on July 28 this year.

The rupee’s value has fallen over Rs21 since the beginning of September, soon after receiving a $1.1 billion cash injection from the International Monetary Fund (IMF).