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Rupee breaches 106-level against Pound, at new low against others

As the rupee's record fall against the US dollar continues to hog the limelight, it has also lost ground and breached key levels against a host of other currencies.

twitter-logo PTI   New Delhi     Last Updated: August 28, 2013  | 16:54 IST
Rupee under pressure vs other currencies too
PHOTO: Associated Press

As the rupee's record fall against the US dollar continues to hog the limelight, it has also lost ground and breached key levels against a host of other currencies, including British pound, euro and Swiss franc.

Adding to the Indian currency's woes, British pound on Wednesday crossed 106-level (at 106.91), euro went past 92, Swiss franc touched 75-mark, Canadian dollar was at 65, Australian dollar at over Rs 60 while New Zealand dollar, Singapore dollar, Bruneian dollar and Libyan dinar crossed 50-level.

Against the most prominent foreign currency, US dollar, the rupee has fallen to a record low of 68.75.

An analysis of foreign exchange rates across the world shows that Kuwaiti dinar is the most expensive against the rupee at current level of close to Rs 243, followed by Bahraini dinar (Rs 182), Omani rial (Rs 178) and Latvian lat (Rs 130).

The US dollar has appreciated by about 28 per cent since May this year, amid aggravating concerns over flight of foreign funds from India due to weak domestic economic conditions and global headwinds.

Rupee's fall has been same or higher against a host of other foreign currencies including pound, euro, Swiss franc for the same period.

The plunge has been less sharper against a few like Australian dollar (10 per cent), New Zealand dollar (16 per cent) and Brazilian real (8 per cent).

A few currencies against which the rupee has appreciated since May include those in countries like Panana, Tongo, Surinam, Tajikistan, Solomon Islands, Salvador, Haiti, Kyrgyzstan, Liberia, Syria, Congo, Somalia, Sierra Leon and Guinea.

At least eight foreign currencies currently trade over Rs 100 mark, including Isle of Man pound, Gibraltar pound and Jersey pound. Besides, euro and Jordanian dinar are in 90s. At least 50 foreign currencies trade at over Rs 50 level.

The number of foreign currencies having a value higher than rupee is at least 100, while those valued less than Indian currencies include those of Bangladesh, Liberia, Algeria, Serbia, Kenya, Angola, Japan, Nepal, Pakistan, Albania, Syria, Iceland, North Korea, Sri Lanka and Nigeria.

Currencies in countries like Guyana, Yemen, Hungary, Malawi, Zimbabwe, Costa Rica, Chile, Rwanda, Congo, Burma, South Korea, Iraq, Somalia, Lebanon, Burundi, Mongolia, Tanzania, Colombia, Uzbekistan, Uganda, Cambodia, Paraguay, Lao, Belarus, Indonesia, Iran and Vietnam also carry value less than one rupee.

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