Mumbai, June 20:
The rupee plunged 130 paise to hit a life-time low of 60 against the US
dollar in early trade at the Interbank Foreign Exchange market today on
strong demand for the American currency from banks and importers.
Besides, the dollar’s strength against major currencies overseas on
comments by Federal Reserve Chairman Ben Bernanke that the central bank
may scale back its monetary stimulus programme later this year weighed
on the domestic unit, dealers said.
They said weak domestic fundamentals such as record current account
deficit and high inflation concerns had also put pressure on the rupee.
The rupee had earlier hit its all-time intra-day low of Rs 58.98 on June 11.
The domestic unit had gained 7 paise to close at Rs 58.70 against the
dollar in the previous session on the back of recovery in stocks and
fresh dollar selling by exporters.
Meanwhile, the BSE benchmark Sensex dipped below 19,000 level by
plunging 423.05 points or 2.19 per cent to 18,822.65 in early trade.
Source: http://www.thehindubusinessline.com/markets/forex/rupee-hits-lifetime-low-of-60-tumbles-130-paise-against-dollar/article4832896.ece
