Rupee slides to 61.17

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Rupee slides to 61.17

#1 Postby Shivani » Wed Jul 31, 2013 11:16 am

Rupee has again touched a new low level of 61.17..which in return has forced RBI to sell dollars.The rupee hit a low of 61.17 in early trades today coming just close to its all-time low of 61.21 hit on July 8. While on Tuesday it closed at 60.48.

The rupee has come under sharp selling pressure after the Reserve Bank kept interest rates on hold and failed to announce any additional steps to defend the currency. Although RBI has already announced that it may withdraw the cash tightening steps taken so far if the rupee stabilises, but this comment has led investors to doubt the RBI's resolve in sticking to its measures given surging bond yields threaten to raise borrowing costs.

But It really seems quite strange for the RBI to tell the market that it will unwind the liquidity tightening measures as and when the currency has reflects that they are also not sure about it that their moves towards making the currency stable are that much strict so that stability will actually be achieved.

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