Rupee drops 11 paise: trades at 57.12 to the dollar

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Rupee drops 11 paise: trades at 57.12 to the dollar
The rupee lost ground once again today, trading at 57.12 against the dollar, despite positive equity markets.

The currency dropped 11 paise from Tuesday's close of 57.01 at 10.00 AM IST. On Monday the government had announced a slew of measures to prevent the rupee from falling.

The RBI in coordination with the government announced a hike in the investment limit for foreigners to invest in government bonds by $5 billion and also increased the external commercial borrowing limit.

Further, Qualified Foreign Investors (QFIs) can now invest in those mutual fund (MF) schemes that hold at least 25 per cent of their assets (either in debt or in equity or both) in infrastructure sector under the current USD 3 billion sub-limit for investment in mutual funds related to infrastructure.

The rupee has been depreciating rapidly, as risk aversion across the globe and weakening economic fundamentals have contributed to its downfall.
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