Rupee opens at 59.76 against the dollar

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 Rupee opens at 59.76 against the dollar
The free fall in the rupee was temporarily stemmed, with the Indian currency trading at 59.76 against the dollar, exhibiting relative stability.

Global currencies have tumbled against the US dollar, following Federal Reserve Chairman Ben Bernanke's comments that asset purchase programme in the US would taper off and come to an end, should the US economic recovery gather momentum.

There were increasing worries that the rupee would slide further as there could be large scale selling by foreign funds in the Indian equity and bond markets. This is likely to aggravate the downfall of the rupee, which has already been badly hit by a rising current account deficit.

Dealers say that the rupee could now breach the 60 mark.

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