Rupee hits an all time low of 59.98

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Rupee hits an all time low of 59.98

#1 Postby Shivani » Fri Jun 21, 2013 12:29 pm

Continuing the silde against dollar..Again against our expectations rupee has touched a new low of 59.98 but aggressive action from Reserve Bank of India (RBI) helped it close at 59.57/USD..this weakness in rupee reflects that India is facing so many domestic economic challenges.

This slide is giving some good news as well as bad to the business sectors of India..Automobiles, capital goods, petroleum, power and telecom companies will bear the heat of a weak rupee. But, sectors such as software services and pharma, with major export revenues, are definitely going to get the benefits.

The rupee has lost 9.68% of its value against dollar since May 1..and there is no ray of hope for its improvement also..Govt. with RBI should step in & should take some stringent steps to make the currency stronger..because if the things will go like the same then its really a worrying factor on India's front.

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