Rupee sinks again; breaches 67 against the dollar

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, August 28, 2013, 9:12 [IST]

The rupee hit another record low comfortably breaching the 67 mark in early trade as demand for the dollar continued unabated. The rupee was last trading at 67.37 against the dollar, a drop of 137 paise over Wednesday's close.

Worries over military intervention in Syria has seen emerging market currencies tumbling against the US dollar. Dealers say that countries like India and Indonesia which have a high current account deficit are particularly vulnerable.

Month end dollar demand from crude importers further fuelled demand for the Indian rupee. In fact, the Indian rupee has been one of the worst performing Asian currencies this year, dramatically eroding the portfolio value of foreign funds.

A further decline towards the 70 level cannot be ruled out. Check rupee rates here

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