Rupee drops 106 paise as volatility continues

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Rupee drops 106 paise as volatility continues
After showing some signs of recovery on Friday, the rupee weakened again in trade today and was down 106 paise as bouts of volatility in the currency continued.

The rupee opened the week on a subdued not and was trading lower by 63 paise at 63.83 at around 9.15 am. However, it lost heavy ground thereafter and was trading at 64.26 around 12 noon, down 106 paise over Friday's close.

In fact, on Friday the rupee rebounded sharply on possible RBI intervention. Dealers say that the rupee would continue to remain volatile for the next weeks until the Fed Reserve meeting takes a decision on Fed tapering in September.

Bond yields had also dropped in line with the fall in the rupee on Friday. Meanwhile, Indian stock markets continued to exhibit volatility in line with the stock markets. The Sensex which was up over 200 points in early trade was up just 96 points following the rupee volatility. To check currency rates click here

Read more about: dollar
Story first published: Monday, August 26, 2013, 12:00 [IST]
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