Re sinks 90 p to record closing low of 58.77 ahead of Fed meet

Mumbai, Jun 18 (PTI) Resuming its downfall, the rupee today sank by a whopping 90 paise to all-time closing low of 58.77 on massive dollar buying by banks and importers as forex markets became jittery ahead of Fed's decision on continuing monetary stimulus. Capital outflows also affected the market sentiment with FIIs offloading shares worth over Rs 750 crore in two days, amid talks of continuing sell-off in debt as well. Since May-end, FIIs have sold around USD 5 billion debt securities. "Forex markets were nervous ahead of the Fed meeting. More than demand and supply, the sentiment was very poor. The decision of whether Fed will taper bond-buying will only be known on Wednesday...Its not right time for RBI to intervene as the trend is bearish," said Mohan Shenoi, President - Group Treasury

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Story first published: Tuesday, June 18, 2013, 18:15 [IST]
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