Rupee Downfall Continues Hit 61 Now

8 July 2013

Mumbai

After slumping to a new record low of 61.19 against the dollar in early trade, the rupee on Monday recovered a bit to 61.04 in late morning deals on suspected intervention by the Reserve Bank.

The local currency commenced the day’s trade at an all-time low level of 61.19 against the dollar at the Interbank Foreign Exchange market and hovered in a range of 61.19 and 60.80. It was trading at 61.04 at 1040 hours, down 82 paise, or 1.36 per cent, from Friday’s closing level.

In New York market, a key gauge of the US dollar’s value rose in the early trade holding its grip on a three-year high amid heightened expectations that the US Federal Reserve will slow the pace of monetary stimulus later this year.

Source– http://timesofindia.indiatimes.com/business/india-business/Rupee-falls-below-61/dollar-hits-new-life-time-low/articleshow/20966337.cms?

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