Indian rupee opens higher by 7 paise at 67.72 per dollar

Rupee hits 16-month low against US dollar

On Tuesday, the rupee had lost 56 paise - the second biggest single-day fall of 2018 - to end at a new 16-month low of 68.07 as panic dollar demand rattled the currency market.

The RBI intervention is believed to have come after the rupee joined an emerging market currency selloff which prompted central banks from Indonesia to Turkey to intervene to stabilise their currencies.

The Indian rupee opened higher by 7 paise at 67.72 per dollar on Thursday against previous close 67.79.

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Sharply rising U.S. dollar yields have boosted the dollar on worldwide exchanges, and the rupee was also coming under pressure from firm crude oil prices that will weigh on the country's already widening trade deficit. India is vulnerable to rising crude prices.

The central bank filed a 15-page response of its own, the Business Line reports, stating it shouldn't be tasked to take a decision on the legality of cryptocurrencies since there are government committees already tasked to study the implications of cryptocurrencies and propose a framework for their usage in the country. While this is significantly higher than $20-30 billion seen in recent years, there are concerns over whether the capital inflows would continue that could fund this CAD. "Macros are stacked against the rupee.and the possibility of rupee hitting 70 soon is increasing", forex advisory firm IFA Global said in a note.

So far this year, rupee weakened over 5.4% while foreign investors have bought $793.60 million and sold $3.26 billion in equity and debt markets, respectively. As per the RBI data, the country's forex reserves fell by $1.426 billion to $418.940 billion in the week to May 4.

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