The rupee was last trading at 61.48, up 29 paise over Tuesday's close. The rupee is now threatening to breach its record low of Rs 61.81 against the dollar, witnessed earlier this month.

The government on Tuesday increased import duty on gold, silver and platinum to 10 per cent with a view to arrest the declining value of rupee and contain the fiscal deficit to 3.7 per cent of the GDP. "...the basis customs duty on standard gold and platinum (increased) from 8 per cent to 10 per cent and on silver from 6 per cent to 10 per cent", said a notification issued by the Finance Ministry.

Despite these measures the rupee continued to exhibit weakness in trade today.

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