Indian rupee dives to new record low of 65.50 against dollar
Express news service, Agencies :Mumbai, Aug 22 2013, 11:29 IST
The Indian rupee
today tumbled further and hit an all-time low of 65.50 against the US
dollar in the late morning trade on persistent dollar demand from banks
and importers in view of sustained capital outflows by foreign funds.
The rupee resumed lower at 64.85 per dollar as against the
yesterday's closing level of 64.11 per dollar at the Interbank Foreign
Exchange Market and dropped further to an all-time low of 65.12 per
dollar.
However, it recovered afterwards to 64.65 per dollar before quoting at 64.88 per dollar at 1015 hrs on mild selling of dollars by banks, still showing a loss of 77 paise or 1.20 per cent from its last close.
It moved in a range of 64.65 and 65.12 per dollar during the morning deals.
Persistent capital outflows by foreign funds mainly affected the market sentiment as they sold shares worth a net Rs 792.11 crores yesterday, as per the provisional data from stock exchanges.
Meanwhile, the BSE benchmark Sensex eased by 6.05 points to 17,899.86 at 1030 hrs.
In New York market, the US dollar rose against most key rivals yesterday as minutes from the
Federal Reserve's July meeting showed almost all officials supported a slowing of bond buys later this year, depending on the data.
After a feeble attempt at recovery, the rupee on Wednesday plunged by another 86 paise to close at a record low of 64.11 on concern that the US will scale down monetary stimulus as early as next month, triggering fears
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