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Rupee drops to 56 versus dollar, despite RBI action
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Print MUMBAI: The Indian rupee slumped to a new record low of 56 to the dollar on Wednesday weighed down by global risk aversion, with the Reserve Bank of India’s intervention earlier in the day seen as too mild to prevent further falls.
At 12:40pm (0710 GMT), the partially convertible rupee was at 55.98/99 per dollar, after hitting a new record low at 56, sharply below its Tuesday’s close of 55.39/40.
The euro stayed pinned near recent four-month lows while domestic stocks were down more than half a percent.
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The rupee hit another new low of 55.82 to the dollar in early trade on Wednesday. This is the sixth consecutive all-time low that the Rupee has hit in trade against the US dollar. Dealers told NDTV that the RBI is intervening. The apex bank is selling dollars at 55.75/$ levels in a bid to curb the depreciation, they said.
It closed at 55.07/$ on Tuesday as arbitrage measures by the Reserve Bank of India late on Monday provided only a brief sentiment boost.
Finance Minister Pranab Mukherjee blamed the fall in the rupee on external factors, saying it was due to a global slowdown.
He ascribed the rupee’s precipitous slide over the past five days to the euro zone crisis and to the global slowdown, adding that the Indian stock markets as well as economic growth have been hit by the slowdown.
"A number of steps have been taken to augment supply of forex to stem rupee decline," he said.
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