Rupee hits all-time low, breaches 61/USD
The Indian rupee breached the 61 mark and touched a record low of 61.20 a dollar in morning trade, down by 97 paise compared to Friday's closing of 60.22 per dollar.
July 09, 2013 / 09:42 IST
The Indian rupee breached the 61 mark and touched a record low of 61.20 a dollar in morning trade, down by 97 paise compared to Friday's closing of 60.22 per dollar.
Ashutosh Raina of HDFC Bank says fears of US Fed tapering off quantitative easing (QE3) earlier on strong jobs data will put pressure on all currencies against the dollar. Raina adds that one can’t be too sure of the central bank stepping in to rescue to rupee. "When there are exaggerated moves, the central bank usually steps in. So, we will have to keep our fingers crossed today because today we can see fairly good amount of depreciation happening in the rupee," he says.The dollar hit a fresh three-year high against a basket of major currencies as market expectations grew that the Fed will scale back stimulus as early as September following solid jobs growth. The dollex was firm above 84. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
