Partly Cloudy
14°CTue :Mostly Sunny. High: 19 Low: 8

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.

 

Top Stories

11IN_TH_ARVIND_KEJ_1751912f

Bureaucracy can’t work unless politics is settled: Arvind Kejriwal

April-21-2015
Delhi Chief Minister Arvind Kejriwal on Monday said that organization can’t work easily unless the legislative issues of the nation is ‘settled’,
329314-indira-and-rajiv-gandhi

Modi government drops Indira Gandhi’s, Rajiv Gandhi’s names from Hindi Diwas recompenses

April-21-2015
The MHA has evacuated the names of previous PMs Indira Gandhi and Rajiv Gandhi from the yearly Hindi Diwas recompenses, ET reports.
sensex-rise-bccl

Sensex keeps on falling, down more than 80 focuses

April-21-2015
Proceeded with its losing streak for the fifth straight session, the benchmark BSE Sensex fell by another 103 focuses in right on
flipkart-buy-myntra

Flipkart to close site by year-end, to go application just like Myntra

April-21-2015
As per a report, online retail monster Flipkart is wanting to close down its site before the current year’s over. Flipkart -possessed
20-1429548764-16-1426487461-27-shruti-haasan

Withdrawn cheating case against Shruti Haasan

April-21-2015
Chennai: A city-based organization has withdrawn an instance of tricking against performing artist Shruti Haasan recorded in Hyderabad taking after the mediation
Emraan hashmi 4cr endoresement

Movie Review : Emraan Hashmi’s Mr. X neglects to take off

April-20-2015
The previous month hasn’t precisely been the best time for Bollywood. The progressing IPL season coupled with a couple specialty discharges like