Rupee slides past 61 levels against the dollar

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, August 6, 2013, 9:10 [IST]

The rupee dropped past the 61 levels in early trade on Tuesday, as comments by a Federal Reserve on the Fed's asset buying programme, pushed equities and hence the rupee lower.

The rupee was last trading at 61.14 to the dollar, a drop of 16 paise over Monday's close. The rupee is now trading closer to it's lifetime low of 61.21 to the dollar.

The currency is expected to remain under pressure on constant worries over the Federal Reserve tapering its asset buying programme and eventually winding down the same.

Dealers say dollar flows from foreign funds has virtually dried up, putting further pressure on the currency. They say the RBI is likely to intervene, if the currency threatens to go past its lifetime low of 61.21 to the dollar.

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