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Rupee falls further
Posted on: 19/Aug/2013 10:34:16 AM
The rupee fell to yet another record low on Monday as the government`s steps unveiled last week seemed inadequate to stall the currency`s fall.The rupee fell as much as 62.40 to the dollar in early trade, breaching the previous low of 62.03 hit on Friday. It had closed at 61.65/66.At 10:15 am the rupee was quoting at Rs 62.32 per dollar.
Month-end dollar demand coupled with concerns on the pull back of Fed`s quantitative easing affected the rupee.
Currency dealers see the rupee nearing Rs 63 per dollar. They are also expecting the Reserve Bank of India (RBI) and the government to announce more steps to arrest the fall in the rupee.
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