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Rupee sinks to 59.70 as Bernanke hints at withdrawal of stimulus

 Rupee sinks to 59.70 as Fed hints at withdrawal of stimulus
The rupee hit a lifetime low today, as global currencies 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.

The Indian rupee was trading at Rs 59.70 to the dollar, on worries that the latest statement from Bernanke could see large scale selling by foreign funds in the Indian equity and bond markets, as liquidity is withdrawn in the US. This is likely to aggravate the downfall of the rupee, as dollar demand escalates. The rupee has already been badly hit by a rising current account deficit. The rupee had closed at 58.71 on Wednesday.

Dealers say that the rupee could now breach the 60 mark, posing fresh worries for policy makers.

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