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Rupee Weakens To End At 70.90 Against Dollar: 10 Things To Know
06 Dec 2018, 06:45 PM IST 
Rupee dollar exchange rate: The rupee is down 11% against the greenback so far this year
- Credit ratings major Fitch said it expects the rupee to weaken to 75 against the dollar by the end of next year, on account of widening current account deficit and tighter global financing conditions.
- Domestic stock markets plunging to two-week lows, hurt by an across-the-board selloff, also affected the rupee sentiment. The Sensex shed 572 points and the Nifty 181 points to log their lowest closing levels since November 22.
- Crude oil prices lost nearly 5 per cent after the Organization of the Petroleum Exporting Countries (OPEC) signalled it may agree to a smaller output cut than expected.
- Producers' group OPEC is meeting in Vienna to decide its production policy in coordination with non-OPEC producers including Russia, Oman and Kazakhsta
- Brent - the global benchmark for crude oil - hit an intraday low of $58.36 a barrel. The oil prices have plunged by around 30 per cent so far this quarter, reported news agency Reuters.
- Meanwhile, bonds rose to over 8-month highs as rate hike fears faded after the RBI promised to keep buying government bonds to infuse liquidity.
- The 10-year benchmark bond yield fell to as low as 7.38 per cent, its lowest since April 11 and compared with its previous close of 7.44 per cent.
- The dollar and yen rose on safe-haven buying after the arrest of a top executive of Chinese telecom giant Huawei in Canada for suspected Iran sanctions violations renewed concerns over US-China relations.
- Losses in the rupee were consistent with most Asian peers which fell on concerns over slowing global growth and a lack of resolution in the China-US trade war.
- Despite a few recent advances, the rupee is on track for its worst yearly performance in five years in 2018, reported Reuters on Wednesday. (With agencies inputs)
