Rupee trading at a new historic low of 62.33 against the dollar

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, August 19, 2013, 9:15 [IST]

The rupee hit a new historic low of 62.35, dropping 72 paise over Friday's close. It was last trading at 62.35 against the dollar.

Today's new lifetime low for the rupee is despite sustained measures by the RBI and the government to stem a slide in the rupee.

The RBI has already tightened liquidity in the banking system and imposed fresh capital control measures. The government on the other hand along with the RBI has tried various liberalisation measures and also imposed fresh restriction on gold imports.

Earlier, the government had also hiked the import duty on gold.

Dealers say that despite these measures the rupee has failed to recover and the situation has only gotten worse.

Fears that the US Federal Reserve would taper-off its bond buying programme in the US has spooked Indian stock markets and the domestic currency. Check currency rates here

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