Forex Alert: Rupee weakens further against US dollar, hits fresh 6-month low
Indian rupee weakened further for the sixth consecutive session to hit fresh six-month low against the US dollar on continued liquidation by foreign investors in local equity and debt markets. According to market source, the fall in currency was due to outflows from local equity and debt markets on the fears of fiscal slippages and heightened tensions between US and North Korea. Since August, foreign institutional investors (FIIs) sold nearly $2.4 billion in equities, while in last three sessions, they sold nearly $210 million in debt markets. Asian currencies were trading lower amid expectations that US President Donald Trump and Republican leaders will reveal their tax plan due later on today. According to a Bloomberg report, Trump will unveil a 35% individual tax rate, and the rate on corporations would be set at 20%, down from the current 35%.
Source: Mint
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