Rupee resumes downslide; drops 41 paise

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, August 7, 2013, 9:13 [IST]

The rupee resumed its downslide in trade today following a sharp recovery in late trade on Tuesday. The currency was trading at 61.18, down 41 paise over Tuesday's close.

The currency had recovered yesterday sharply after hitting an intra day low, following the appointment of Raghuram Rajan as the new Governor of the RBI.

There are hopes that with his experience, Rajan would be able to manage the rupee and growth better. However, dealers say that this is just a sentimental issue as India is facing structural problems.

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