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Dollar Not Alone, Rupee Breaches Key Levels Across The Board

Wednesday, August 28, 2013
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Bangalore: As rupee’s record fall against the U.S. dollar continues to hog the limelight, it has also lost ground and breached key levels against a host of other currencies including British pound, euro and Swiss franc.

Adding to rupee’s woes, British pound on crossed Rs. 106 level, euro went past Rs. 92, Swiss franc touched Rs. 75 mark, Canadian dollar was at Rs. 65, Australian dollar at over Rs. 60, while New Zealand dollar, Singapore dollar, Bruneian dollar and Libyan dinar crossed Rs. 50 level.

Among even more expensive foreign currencies, one Kuwaiti dinar is now worth more than Rs. 240, Bahraini Dinar over Rs.180, Omani rial has went past Rs 175 and Latvia Lat at Rs 130.

Against the most prominent foreign currency U.S. dollar, the rupee has fallen to a record low of Rs. 68.75.

The U.S. greenback has appreciated by about 28 per cent this year, amid aggravating concerns over flight of foreign funds from India due to weak domestic economic conditions and global headwinds.

Rupee’s fall has been same or higher against a host of other foreign currencies including pound, euro, Swiss franc for the same period.

The plunge has been less sharper against a few like Australian dollar (10 per cent), New Zealand dollar (16 per cent) and Brazilian real (8 per cent).

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Source: PTI
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