Banks, Financial

Banking app targets millennials who want help budgeting

Graduate debt, rent and high living costs have made it hard for millennials to save for a house, a pension or even a holiday. For Ollie Purdue, a 23-year-old law graduate, this was reason enough to launch Loot, a banking app targeted at tech-dependent 20-somethings who want help to manage their money and avoid falling […]

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Eurozone inflation climbs to highest since April 2014

A welcome dose of good news before next week’s big European Central Bank meeting. Year on year inflation in the eurozone has climbed to its best rate since April 2014 this month, accelerating to 0.6 per cent from 0.5 per cent on the back of the rising cost of services and the fading effect of […]

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Wealth manager Brewin Dolphin hit by restructuring costs

Profits at wealth manager Brewin Dolphin were hit by restructuring costs as the company continued to shift its focus towards portfolio management. The FTSE 250 company reported pre-tax profits of £50.1m in the year to September 30, down 17.9 per cent from £61m the previous year. Finance director Andrew Westenberger said its 2015 figure was […]

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Travis Perkins and Polymetal to lose out in FTSE 100 reshuffle

Builders’ merchant Travis Perkins and mining company Polymetal face relegation from the FTSE 100 after their recent performances were hit by political events. The share price of Travis Perkins has dropped 29 per cent since the UK voted to leave the EU in June, as economic uncertainty has sparked concerns among some investors about the […]

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RBS share drop accelerates on stress test flop

Stressed. Shares in Royal Bank of Scotland have accelerated their losses this morning, falling over 4.5 per cent after the state-backed lender came in bottom of the heap in the Bank of England’s latest stress tests. RBS failed the toughest ever stress tests carried out by the BoE, with results this morning showing the lender’s […]

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Categorized | Currencies

Indian rupee hits record low against dollar

Posted on November 24, 2016

India’s rupee has hit a record level of weakness against the dollar as the administration of prime minister Narendra Modi pushes ahead with an unexpected ban on high-value bank notes in a drive to clamp down on counterfeiting and illicit wealth.

The rupee rose as high as 68.8550 against the greenback on Thursday, up 0.42 per cent and at the weakest level on record.

The Indian currency is down 3.33 per cent since the sudden announcement that Rs500 and Rs1,000 paper notes would be banned in order to force people with large cash holdings of illicit wealth to turn it over to banks by December 30.

The move’s timing comes during the high season for weddings in India, typically when consumer spending ramps up on opulent ceremonies and gifts, but the ban is being felt at all levels of India’s economy, which relies predominantly on cash.

The announcement also came shortly ahead of important state re-elections in Uttar Pradesh that stand to influence Mr Modi’s prospects for another term in 2019, making it difficult for politicians there to rely on hidden slush funds from donors to finance costly campaigns.