Indian rupee hits fresh record low of 74.40/$

Tuesday,   09-Oct-2018   04:42 PM (IST)

The Indian rupee continue to hit a fresh record lows. It touched a level of 74.40 per dollar on Tuesday after opening higher at 73.87 per dollar.On a year-to-date (YTD) basis, the Indian currency has fallen more than 16 percent. In 2018, the rupee has fallen from a high point of 63.24/USD to all-time low of 74.40/USD.The 10-Year US Yields were last at 3.2404%, just off a seven-year peak. Meanwhile, The IMF lowered its global growth forecast for 2018 and 2019 to 3.7% - in both cases two tenths less than expected in July - due to the trade tensions between the United States and China.The downward revisions are widespread throughout the world because growth has proven to be less balanced than hoped. The IMF also highlighted the downward trend in the growth of Turkey, which will drop from 3.5% last year to just 0.4% in 2018 due to the volatility of the Turkish lira. For india, IMF retains FY 19 GDP growth forercast at 7.3%, while cuts FY 20 GDP growth forecast to 7.4% v/s 7.5%, it added.