As markets remain focused on
rupee's fall against the US dollar, Indian currency today slipped below
100-level against the British pound for the first time ever to touch a new
bottom of 100.52. After a modest recovery, the rupee finally ended the day at
99.04 against the UK currency with a fall of 25 paise from its yesterday's
close of 98.79 for one pound.
The 100 level against the pound was breached early in the morning, alongside
rupee's fall below 64 level against the US dollar, as weak economic issues
including ballooning current account deficit weighed down on the Indian
currency.
The rupee has depreciated by about 25 per cent in past three months, from close to 83 in mid-May, while it was even higher at about 80 against the British Pound in March.
At close to 100 level, the British pound is the most expensive against the Indian rupee among major foreign currencies across the world, followed by euro (Rs 84.66), Swiss franc (Rs 69.07), US dollar (Rs 63.25), Canadian dollar (Rs 61.24), Australian dollar (Rs 57.34), New Zealand dollar (Rs 50.46) and Singapore dollar (Rs 49.66). Against US dollar too, rupee today hit a fresh low below 64-level and slipped to as low as 64.13 before closing at 63.25 in the Interbank Foreign Exchange (Forex) market. Forex dealers said that strong demand for foreign currency from importers and banks and continuing plunge in equity markets, in view of sustained foreign funds outflows added pressure to the rupee.
However, some recovery was seen later in the day amid sale of dollar and other foreign currencies in the market by state-owned banks presumably on the instruction of RBI, dealers said.
The rupee has depreciated by about 25 per cent in past three months, from close to 83 in mid-May, while it was even higher at about 80 against the British Pound in March.
At close to 100 level, the British pound is the most expensive against the Indian rupee among major foreign currencies across the world, followed by euro (Rs 84.66), Swiss franc (Rs 69.07), US dollar (Rs 63.25), Canadian dollar (Rs 61.24), Australian dollar (Rs 57.34), New Zealand dollar (Rs 50.46) and Singapore dollar (Rs 49.66). Against US dollar too, rupee today hit a fresh low below 64-level and slipped to as low as 64.13 before closing at 63.25 in the Interbank Foreign Exchange (Forex) market. Forex dealers said that strong demand for foreign currency from importers and banks and continuing plunge in equity markets, in view of sustained foreign funds outflows added pressure to the rupee.
However, some recovery was seen later in the day amid sale of dollar and other foreign currencies in the market by state-owned banks presumably on the instruction of RBI, dealers said.
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