Rupee breaches 64/dollar; down 5% in last 6 days
The domestic currency touched a record low of 64.05 per dollar on Tuesday after opening at 63.75 per dollar versus 63.13 in previous close.
August 20, 2013 / 09:36 IST
The rupee has breached 64 against the US dollar Tuesday, trading at all-time low of 64.05, down over 1.4 percent compared to previous close. It is down 5 percent in last 6 days.
The domestic currency opened at 63.75 per dollar versus 63.13 in previous close.The 7.16 percent 2023, 10-year bond yields increased 2.45 percent to 9.43 percent.Mohan Shenoi, Kotak Mahindra Bank said, "Rupee depreciation is largely a local phenomenon. Weak equity markets on concerns of decelerating growth is impacting the rupee. A depreciating rupee is making unwinding of tight liquidity difficult. Rupee is expected to depreciate further today."The euro rose to 1.337 per dollar on comments from the Bundesbank that the ECB's forward guidance on low interest rates was not unconditional. Gains capped by rising us yields. Dollar index was at 81.25.Also Read - Rupee headed for 65/$ unless RBI keeps stepping in: HDFC Bk 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!
