Rupee hits a fresh historic low again

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Rupee hits a fresh historic low again
The rupee hit a fresh historic low again on Thursday reversing sharp gains seen in the morning. At  at 3.20 pm IST, the rupee was seen trading at Rs 54.53, down 4 paise.

On Wednesday, the partially convertible rupee plunged to its historic low. Allaying fears that the Finance Ministry said there was no need to panic. "Rupee is falling due to global factors. There is no need to panic. The fall might continue till there is a certainty about the eurozone recovery. RBI is keeping a watch on it," a finance ministry official said, reports PTI.

According to dealers RBI intervened at many intervals but in vain. However, RBI Deputy Governor K C Chakrabarty said the RBI intervention in the forex market was only to curb volatility and not the slide.

"We don't intervene to arrest the rupee fall, we intervene only to arrest the volatility, you must understand the difference," he said.

Read more about: currency, dollar, euro
Story first published: Thursday, May 17, 2012, 10:13 [IST]
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