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No respite for bank stocks as rupee continues free-fall

By Religare
|

Bank stocks remained under pressure on Monday tracking the free-fall in rupee which again breached the psychological 62/USD level. The rupee, which had touched the all-time low of 62.03 on Friday last week, came under pressure again on Monday amidst rising fears that recent efforts to restrict capital outflows may take the country back to capital control regime.

Private sector lenders such as ING Vysya Bank and Axis Bank fell 5-7 per cent in the morning trade on BSE, followed by Yes Bank, Syndicate Bank, ICICI Bank, Bank of India, Canara Bank, HDFC Bank, among others, with 3-5 per cent decline on BSE.

 

At 10:40 hours, the Indian rupee was trading at 62.30 against US dollar, down 0.65 per cent from previous close.

Read more about: ing vysya bank
Story first published: Monday, August 19, 2013, 14:21 [IST]
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