Indian Rupee got new record as low as 60 vs. Dollar
Published on: Thursday, 20 June 2013 //
Finance,
Forex market,
Indian rupee,
Rupee Vs dollar,
US dollar,
US Federal Reserve
Persistent capital outflows from foreign funds also affected the market sentiment.
The rupee resumed lower at 59.50 per dollar against the last closing level of 58.70 per dollar at Interbank Foreign Exchange (Forex) Market and dropped further to an all-time low of 60.00 per dollar before quoting at 59.75 per dollar.
The rupee had earlier hits its all-time intra-day low of Rs 58.98 on June 11.
The rupee had gained 7 paise to close at Rs 58.70 against the dollar in the previous session on the back of recovery in stocks and fresh dollar selling by exporters.
The dollar held firm in Asia today after rallying on comments by the head of the US Federal Reserve that it could begin to scale back its monetary easing programme later this year.
In early trade the greenback bought 96.54 yen in Tokyo trade, a full yen higher than the previous day`s Tokyo trading levels and up from 96.39 yen in New York late Wednesday.
The euro fell to USD 1.3272 from USD 1.3297 while it also bought 128.12 yen from 128.24 yen.
Fed chief Ben Bernanke said Wednesday it could begin to wind down its stimulus programme later this year and bring it to a close by mid-2014, signalling a growing confidence in the US economy.
The Fed`s policy board kept its USD 85 billion-a-month quantitative-easing programme locked in place for the meantime, saying unemployment remains high and growth is still being squeezed by government spending cuts.
Meanwhile, the Indian benchmark Sensex dropped by 401.81 points or 2.09 percent to 18,843.89.
source: zeenews
