- Wedding album of Aishwarya Rai BachchanJukebox of \'The Shaukeens\' audio is out!Morphed photos of Bollywood actresses that caused controversyWhy has Farha Khan upset Saroj KhanLisa Haydon suffering from dengueWhat next for Shweta Basu after caught in a sex racketReview in pics: Super NaniAamir Khan in Bigg Boss 8Shah Rukh\' Khan\'s fans beaten by police in KanpurHrithik Roshan avoids meeting Sussanne
Roger Federer kept up his hopes of finishing the year as world number one when he downed
Rupee plunges to new low at close Last Updated : 22 Aug 2013 10:01:31 PM IST File photo of Indian currency rupee.
The rupee remained in the doldrums for the sixth session in a row on Thursday in Mumbai as it breached the 65 mark to an all-time intra-day low of 65.56 before recovering to settle at 64.55 against the dollar, still down 44 paise.
Even as local stocks recovered, the rupee's declined on dollar sales by exporters and capital outflows. Steps taken by the Reserve Bank and the government to curb volatility in the exchange rate appeared to have had little effect.
The dollar strengthened overseas after minutes showed the U.S. central bank remains on course to start trimming its stimulus before the year end. The dollar index, consisting of six major global currencies, was up 0.32 per cent.
At the interbank foreign exchange market, the rupee resumed weaker at 64.85 a dollar from the previous close of 64.11 and crossed the 65 mark to a historic low of 65.56. It recovered some ground and ended at 64.55, still a fall of 44 paise or 0.69 per cent. In six straight sessions, the rupee has tanked by 336 paise or 5.49 per cent.
"A set of RBI and government measures have not helped the rupee to witness a recovery," said Abhishek Goenka, CEO of India Forex Advisors. "The FOMC minutes, which gave a signal of tapering this year, further added pressure on the sinking rupee as the US dollar recovered in the international market."
Rupee plunges to new low of 65.56, recovers to end at 64.55:
The government is exploring structural measures to narrow the current account deficit, Finance Minister P Chidambaram said, adding there is no plan to introduce capital controls.
"We believe that the rupee is undervalued and it has overshot what is generally believed to be a reasonable and appropriate level," he said at a press conference after the market closed.
Recent steps to quell speculation in the rupee will be reversed once stability returns, said Chidambaram.
The benchmark S&P BSE Sensex today rebounded 407 points or 2.27 per cent. FIIs sold shares worth a net Rs 792.11 crore yesterday, as per provisional data with the stock exchanges.
"The trading range for rupee is expected within 64.10-65.10," said Pramit Brahmbhatt, CEO of Alpari Financial Services (India).
Post Your Comment (0 posted):
See the wedding album of Aishwarya Rai Bachchan and Abhishek Bachchan, inclusing mehnadi a
- New poster of 'Rang Rasiya' out now
- Jukebox of 'The Shaukeens' audio is out!
- Morphed photos of Bollywood actresses that caused controversy
- Why has Farha Khan upset Saroj Khan
- Lisa Haydon suffering from dengue
- Paltrow praised estranged husband
- What next for Shweta Basu after caught in a sex racket
- When Deepika Padukone dated Upen Patel
It is always a subject of debate whether Unidentified Flying Objects (UFO) does exist or n
Handset maker Lava Friday launched a new series of Iris smartphones under the 'Fuel' brand