For Quick Alerts
For Daily Alerts

Rupee hits new record low of 62 against the dollar


Rupee hits new record low of 62 against the dollar
The rupee hit a record low of 62 against the dollar, on sustained demand for the US greenback, breaching its previous low of 61.80 to the dollar. Measures announced by the government of India and the RBI in the last few days failed to stem the slide of the rupee.

The rupee was last trading at 61.88 against the dollar, a drop of 50 paise over Wednesday's close of 61.83, after touching the 62 levels.

The RBI announced a fresh set of measures aimed at restricting foreign exchange outflows earlier this week. The Reserve Bank of India cut the amount of overseas direct investments allowed by Indians, as well as lowering the limits on remittances overseas and banning the use of such remittances for overseas property purchases. However, this, along with the import duty measures announced on gold, failed to prevent the rupee from falling.

The forex market today saw heavy dollar demand from importers, primarily oil refiners.

Dealers say that the rupee may stabilise around the current levels, unless there is some adverse news like the Fed tapering. Check rupee rates here

Read more about: dollar
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more