Rupee closes at 60.21 against dollar
03 Jul 2013
The rupee once again slipped below the 60-dollar mark on the interbank foreign exchange market today, hitting a low of 60.39 to a dollar against Tuesday's close of 59.66 a dollar.
The Indian currency closed at 60.2150 against the US dollar today, marking three consecutive days of losses.
Earlier in the day, the rupee hit a low of 60.39 against the dollar on account of strength in the greenback, which hovered at one-month highs against a basket of major currencies.
Heavy dollar demand and the strengthening of the US currency overseas aided the rupee's fall.
Concerns that foreign investors would continue to exit domestic markets that added to concerns about the funding of the country's record current account deficit also affected market sentiment.
A sharp selloff in equity markets and rising oil prices also weighed on market sentiment. The Sensex declined 286 points, while the 50-share Nifty closed below the key 5800 mark.
The last time the Indian currency had fallen below the 60 level was on 26 June, when it touched an all-time low of 60.76 against the dollar.
Foreign exchange dealers said besides dollar gaining against other currencies to trade at nearly one-month high in the global markets on strong economic data, a lower opening in the domestic equity market also put pressure on the rupee.
Oil prices were close to $102 per barrel for the first time after over a year as Egypt's political crisis intensified and as demand increased following upbeat US economic data.
