Rupee Breaches 66 To The Dollar On Global Market Carnage

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, August 24, 2015, 9:54 [IST]

The rupee fell sharply against the US Dollar in early trade and was last trading at 66.36 to the dollar, a huge drop of 56 paise over Monday's close.

Check rupee rates against the US dollar

The sharp fall in the rupee against the dollar was on account of a global rout in stocks, on fears that Chinese growth has begun to falter.

The Reserve Bank of India may intervene at the current levels as it would remain comfortable with the rupee at levels of around 66. This would be on account of the fact that it would want to keep exports competitive in the wake of the recent devaluation of the Chinese Yuan.

Meanwhile, markets across the globe saw a huge correction with the Shanghai Composite down a huge 8 per cent, while the Hang Sang Crashed 4 per cent and the Taiwan Weighted 4 per cent.

GoodReturns.in