Indian Rupee Falls to 63.13 Per Dollar
THE rupee hit another record low on Monday, slipping below 63 against a dollar for the first time, and key indices of the stock markets dropped sharply for the second straight session, despite a slew of measures announced by the central bank and the Govt to defend the currency.
The rupee posted its biggest single-day loss in nearly two years. It slumped by 2.3 percent, the biggest loss since September 22. 2011.
The partially convertible rupee slipped 10 a new record low of 63.22 against a dollar at the inter-bank foreign exchange market here, surpassing its previous record low of 62.03 hit on August 16.
The rupee ended the day at a record low of 63.13 against its previous session's close at 61.65 against a dollar. Rupee has lost nearly 15 per cent of its value since the beginning of the current financial year.
The Indian currency has hit new lows thrice in the past two weeks despite a series of measures announced by the Government to curb current account deficit and revive economic growth. Weakness continued in the equiles markets as well. The benchmark Sensex of the Bombay Slock Exchange (BSE) slumped 290.66 points or 1.56 per cent at 18.307.52 points after turn bling by nearly four per cent in the previous session on Friday. The wider 50-scrip S&P Nifty'of the National Stock Exchange (NSE) closed 93.10 points or 1.69 per cent down at 5.414.75 points, after shedding over four per cent in the previous session.
The Government tried to salvage the situation without much success.
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