India’s rupee slid to a record low against the dollar yesterday as dealers moved into the US currency following robust US jobs data and growing concern about the South Asian nation’s struggling economy.
Analysts believe the rupee will fall further, with Goenka forecasting that the currency will reach a 59-60 level against the greenback by the end of 2013.
The rupee’s fall is the latest blow to the stuttering growth story of Asia’s third largest economy, which has been beset by sharply slower growth, worsening public finances and political turmoil.
A scramble by oil, other importers and banks to buy dollars to pay for imports in the US currency also weakened the rupee, which depreciated 7% against the dollar in May alone, besides a weakening economic outlook.
Thai baht becoming the region’s worst-hit currency in COVID pandemic
According to data from its tourism ministry as well as the World Bank, Thailand had only a little over 34,000 tourist arrivals as of May 2021, compared with over 39 million in 2019, before the pandemic. Fewer tourists also means lower demand for the Thai baht.
3 Reasons to Be Optimistic About the Baht Right Now
Probably one of the most important factors for the rise of the Baht is the continued weakness of the US dollar, which most experts agree is going to continue declining throughout the rest of the year.
The Thai Baht, our beleaguered currency, has had something of a difficult few years. Successful debt and inflation crises have eroded the value of the Baht numerous times, not least the events of 2015-16, which saw the Baht plunge to some of the lowest levels against the Dollar in history.(more…)
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