Free fall in rupee continues; opens at 63.72 to the dollar

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Free fall in rupee continues; opens at 63.72 to the dollar
The rupee opened weak once again in trade with the currency plunging to another historic low of 63.75 to the dollar in early morning trade.

The rupee had closed at 63.13 against the dollar on Monday. Today's fall means the rupee has most more then 200 paise in two trading sessions.

Dealers say there was no RBI intervention on Monday and it might not intervene today as well. The sharp fall in the rupee has escalated into the stock market with the Sensex losing more then 1000 points in the last 2 trading sessions.

The government and the RBI have taken a slew of measures in the last few trading sessions, but it has failed to stem a slide in the rupee. There are fears that the large scale depreciation in the last 2 days would see a spike in inflation in the coming months.

There are also fears of a further tightening of monetary measures by the RBI, which could hit growth further.Check currency rates here

Read more about: dollar, currency
Story first published: Tuesday, August 20, 2013, 9:12 [IST]
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