Rupee hits record low past 62/dollar as shares plunge

Aug 16, 2013

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Mumbai: The rupee dropped to a historic low of 62.00 per dollar in late morning trade on Friday on good demand for the US currency from banks and importers in view of sharp fall in equity market.
The rupee resumed slightly higher at 61.35 per dollar as against the last closing level of 61.43 at the Interbank Foreign Exchange (Forex) Market.
But, it fell sharply to an all-time low of 62.00 on good dollar demand from banks and importers in view of fall in equity market, before quoting at 61.90 per dollar at 1045 hours.
It moved in a range of 61.32 and 62.00 per dollar during the morning deals.
Also, the Indian benchmark BSE-30 share index, Sensex, dropped sharply by 438.81 points or 2.27 per cent while quoting 18,928.78 at 1045 hours.
In global market, the US dollar see-sawed against major rivals in the early trade, in line for further volatility as the week wraps up with more data to fuel Federal Reserve consideration of tapering monetary stimulus.

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