The Indian currency collapsed to a historic intra-day trading low of 70.40 before closing at a fresh lifetime low of 70.15 per dollar, down by 26 paise or 0.37 percent over the previous close, this Thursday.
The rupee has had a tough 2018 on account of a combination of factors: 1) higher oil prices 2) the US Fed tightening 3) trade war and slowing of the Chinese economy 4) nervousness ahead of national elections.
If Chinese currency devalues by another 5-8%, Rupee could hit 74-75/$ in a coming 3 to 4 years.!
