Business » Markets

Updated: June 6, 2013 23:06 IST

Rupee touches 57/$

Special Correspondent
Comment (1)   ·   print   ·   T  T  

The rupee touched a low of 57 a dollar intra-day on Thursday on strong dollar demand from corporates. However, it closed at 56.84/85 a dollar as compared to its previous close of 56.72/73. It hit its historic low of 57.32 against the dollar late in June 2012.

Persistent worries of high gold imports precipitated the fall. Rebound in global crude oil prices have again led to a worsening situation of

current account deficit (CAD).

The RBI also said that CAD situation was under stress, and steps to address it need urgent attention.

These created a bearish sentiment for rupee.

‘RBI will take steps to check volatility’

PTI reports:

Attributing rupee fall to rising current account deficit (CAD), Reserve Bank of India (RBI) Deputy Governor K. C. Chakrabarty on Thursday said the central bank would be taking steps to check currently volatility. “The issue is that...if we have a CAD and fiscal deficit, rupee has to orderly depreciate and if it doesn’t depreciate orderly, sometime it would be depreciating in-orderly,” he said at a function here. Mr. Chakrabarty said “the central bank will do everything to see that volatility is minimised”


Slip slidin’ awayJune 8, 2013

Rupee hits over 11-month lowJune 6, 2013

More In: Markets | Business

Being one of the main beneficiaries of GSP system, U.S is expecting
India not to restrict imports and envisage for indigenization of
critical components that are usually sourced from U.S A Washington
based IT and Innovation Foundation had indicted India of ‘stripping’
MNC pharmaceutical corporate by imposing home content prerequisites
which wedge original equipment manufacturers from overseas,

Linda Dempsey, Vice President for International Economic Affairs
attached with the National Association of Manufacturers, had advocated
business leaders to prevail on U.S. Secretary of State John Kerry so
as to put forth the U.S concerns during his trip to India in end
June,2013. We have to wait and see what deliberations will emerge out
then. Can India withstand the U.S intimidation?

from:  Madan Menon Thottasseri
Posted on: Jun 8, 2013 at 11:19 IST
This article is closed for comments.
Please Email the Editor

Commodity prices

Take a look at the prices of various commodities in Chennai here»



Recent Article in Markets

Gold, silver plunge on weak global cues, low demand

Snapping its three-day rising streak, gold prices retreated by Rs 285 to Rs 27,190 per 10 grams at the bullion market on Friday amid a w... »