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Rupee Sinks To New Low, Touches 68 Against Dollar

Wednesday, August 28, 2013
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Mumbai: The Indian rupee slipped below the psychological resistance level of 68 against the dollar, as it touched a new low against the greenback.

The growing demand for the U.S. currency from importers and a lack of foreign investors' interest in a weak economy is being cited as the main reason for depreciation.

The partially-convertible rupee slumped to a new record low of 68.02 against the dollar at the inter-bank foreign exchange market, surpassing the previous record low of 66.25 recorded.

The rupee later recovered to the 67.91. The rupee had closed at 66.25 -- a depreciation of 2.36 percent from its earlier close of 64.72 against a dollar.

The free fall in rupee also led to heavy selling in the equities markets. The benchmark index of the Indian equities markets fell by more than 400 points or more than two percent.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 17,851.44 points, was trading at 17,495.15 points, down 472.93 points or 2.63 percent from the previous day's close at 17,968.08 points.

The Sensex touched a high of 17,851.44 points and a low of 17,448.71 points during trade so far.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) lost 160.30 points or 3.03 percent down at 5,127.15 points.

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Source: IANS
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