Rupee hits 3 month low of 60.76 as equities sink on Argentina, Portugal worries

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     Rupee hits 3 month low of 60.76 as equities sink on Argentina, Portugal worries
    72.695 US Dollar
    The rupee hit a 3-month low of 60.76 against the dollar, as European and US stocks saw huge losses, after worries in the Portgual Banking sector and a Argentina default surfaced. Fears of deflation in Europe also raised worries pushing investors to sell equities and buy the dollar.

    The Indian rupee hit a 3-month low of Rs 60.76 and was last trading at 60.73 against the dollar, down 18 paise over Thursday's close.

    The rupee has been one of the better performing countries from the Asian basket this year, after having sank to a record low of 68.86 exactly a year ago in August last year.

    Dealers say that the rupee would continue to see some losses, unless there is intervention by the Reserve Bank of India. However, the country's central bank would be comfortable with the rupee at current levels, and may not intervene aggressively. Check rupee rates here

    Read more about: dollar
    Story first published: Friday, August 1, 2014, 9:33 [IST]
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