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Indian rupee plunges past 64 Vs dollar before RBI steps in

Indian rupee plunges past 64 Vs dollar before RBI steps in

Mumbai: Continuing its down slide, the rupee on Tuesday fell past 64-mark against dollar by plunging 98 paise to trade at record low of 64.11 on persistent dollar demand and a weak trend in the domestic equity market.

At the Interbank Foreign Exchange (Forex) market, the local currency opened sharply lower at 63.75 a dollar from its previous close of 63.13 and crossed 64 mark to trade at fresh low of 64.11, down by 98 paise, or over 1.5 percent.

Later it recovered a bit and was trading at 63.71 against a dollar.

Forex dealers said besides strong demand for the American currency from importers and banks, dollar’s strength against other currencies overseas amid expectation that the Federal Reserve will soon taper its bond-buying programme weighed on the domestic currency.

Weak domestic fundamentals such as record current account deficit concern too put pressure on the rupee, they said.

The rupee had recorded the decade’s worst single-day fall of 148 paise to close at record low of 63.13 against the dollar in the previous session.

In order to arrest the rupee slide, RBI last week had announced measures such as restriction on Indian firms investing abroad and on outward remittances by resident Indians, triggering talks of return of capital control regime.

 

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