The rupee tumbled 67 paise to an all-time low of Rs 54.46 against the U.S. dollar on the forex market during the midsession today on increased capital outflows and strong demand from importers.
Traders said the Reserve Bank’s efforts to curb the falling rupee have failed to arrest the decline and it has surpassed the previous low of Rs. 54.32 set on December 15.
They said strengthening of the dollar against major currencies in overseas markets, following renewed worries over deepening euro-zone sovereign debt crisis, and lower openings in equity markets world-wide put pressure on the rupee.
“Economic turmoil globally as well as domestic concerns over rising inflation and melting equities remain a major factor for the current record fall in rupee,” said a Delhi-based forex trader.
Meanwhile, the BSE benchmark Sensex dipped below the psychological 16,000 level for the first time since January on heavy selling by foreign funds.
Keywords: Rupee value, dollar rates
Wow! You have the best choice of Experts! "a Delhi-based forex trader" Wow! He's based in Delhi. Most credible!
Best time for Indian exporters to convert their dollars to rupees, you will never get a better price for dollar in India. Dollar's current strength is temporary & those who hold dollar now onwards will rue their decision.
Finally the bubble of so-called growth burst.The india growth story was media hype without any palpable credibility.Our economc fundamental were hidden by hyped economic growth.
many political leaders, billion dollor save in swiz bank, try to seize these money form swiss bank, and help indian economy
Oh! God, what is the fate of Indian economy. Where are the political giants and others those who speak from the coloured and crowded platforms with high sounding words during elections? Everyday rates of rupee with foreign exchange market is highly discouraging and disappointing to every citizen of India.Let not be this same situation tomorrow.Come on find ways to stop this crisis.
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