The Indian rupee fell to its lowest level in over 16 months closing at 67.8750 per dollar on Wednesday, 16th May. It closed at 68.57 at the time of writing this article (12th July 2018) just a smidgen above the lowest value. It is the worst performing Asian currency and has fallen by over 5% to the dollar since the beginning of 2018. It is thought that the RBI has intervened to lend some support to the currency, as some state-owned banks were selling dollars intensively.
What does a ‘weak’ currency mean?