Rupee hits all-time low,ends below 60 vs dollar

The rupee breached the psychological resistance of 60 to the US dollar

Written by ENS Economic Bureau | New Delhi | Published: June 27, 2013 6:01 am

The rupee breached the psychological resistance of 60 to the US dollar to slump to an all-time low on Wednesday,ending the day at 60.72 to the greenback as the RBI stopped defending the currency once it slid past the 60 mark.

The rupee had dipped to an all-time low of 60.76 during the course of the day,breaching the previous low of 59.98 hit on June 20. Dealers said the RBI made a feeble attempt to support the rupee at the 59.98 level by selling dollars via state-run banks,leading to a recovery to 59.93,but this proved to be just a temporary relief as end-of-the-month dollar demand from importers triggered stop-losses at around 60 to the dollar. This accelerated the fall and within half-an-hour of the RBI’s intervention,the currency breached the 60 mark,following which the RBI refrained from offering further support,according to dealers.

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