Rupee hits record low 61 against dollar

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Rupee hits record low 61 against dollar

#1 Postby Shivani » Mon Jul 08, 2013 10:08 am

The Indian currency has touched a historical low of 61 against dollar..It has surpassed the previous record low of 60.76. The partially convertible rupee hit a record low of 61.10 on Monday against Friday's close of 60.23.This low currency is creating a huge impact on the whole Indian economy, whether in terms of inflation, low growth on the economical front.

Fresh weakness came on better than expected U.S. jobs growth, which increased the likelihood that the Federal Reserve will begin cutting its massive monetary stimulus, known as quantitative easing, as early as September.The RBI should now be forced forced to announce some measures in the next few days or weeks to arrest the rupee's slide..the steps may include the much-anticipated direct funding of crude oil purchase by IndianOil, floating NRI bonds, and reducing the overnight exposure of banks to curb speculation.

The Indian economy is really going through a very bad phase now-a-days..The Indian finance ministry has to think about it..and should take some strict steps to make this falling rupee stable..

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