Indian Rupee Fall Down July 2013
THE Indian Rupee dived to a record low of 61.21 against die US Dollar on Monday after better-than-expected US jobs data raised concerns about the US Fed easing its stimulus programme but the currency regained some lost ground to close at 60.61 after the RBI intervened.
The Rupee opened at 60.95 a Dollar compared with Friday's close of 60.22 and dipped lo 61.21. past its previous all-lime low of 60.76 on June 26. Local shares were sluggish amid sustained Dollar demand from importers, mainly oil refiners.
The Rupee bounced back after the Reserve Bank of India (RBI) intervened through public sector banks, reaching a high of 60.58 before settling at 60.61. still a fall of 39 paise. or 0.65 per cent, the second straight day of losses.
"After the US non-farm payrolls data. the Rupee was expected to open with steep losses. However, the RBI was seen selling dollars which helped the local currency recover." said the forex head of a leading private hank.
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