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Indian, Pakistani rupees hit new lows against Qatar Riyal

The Indian rupee weakened by 9 paise to 73.92 against the US dollar in early trade on Tuesday on increased demand for the American currency from banks and importers.

At the Interbank Foreign Exchange, the domestic currency opened higher at 73.79 but lost ground and fell to 73.92.

 

Against the Qatar Riyal, the rupee was trading at 20.30 at 8:30am (Qatar time), according to XE.com.

Dealers attributed the rupee's fall to the dollar's strength against some other currencies overseas but fresh inflows by foreign funds and a higher opening in domestic equity markets, capped the losses.

Moreover, weak exports data also dampened sentiments in the forex market. India's exports entered the negative zone after five months, contracting 2.15 per cent in September to USD 27.95 billion, according to commerce ministry data.

The rupee had lost 26 paise to close at 73.83 Monday after crude prices rose amid intensifying geopolitical tensions.

The benchmark BSE Sensex Tuesday rose by 89.17 points, or 0.26 per cent to trade at 34,954.27.

Meanwhile, foreign portfolio investors bought shares worth Rs 67.86 crore on net basis from stock markets on Monday, according to the BSE data.

Pakistan rupee, equity market hit by economic worries

Plagued by a tumbling economy, falling forex reserves and balance of payment crisis, Pakistan's currency and equity markets closed on a weaker note. Both lost massively after Islamabad approached the International Monetary Fund (IMF) for a bailout package and due to the impact of the global equity sell-off.

Against the Qatar Riyal, the rupee was trading at 36.51 at 8:30am (Qatar time), according to XE.com.


Experts and analysts expect that Pakistani currency will remain under pressure and could be devalued further against the Qatar Riyal and US dollar to meet the IMF's conditions for the bailout. The State Bank of Pakistan let the rupee devalue last week by nearly 7 per cent ahead of talks with the IMF.

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Tag: Qatar , Qatar News , Indian , Pakistani rupees

 
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