Resuming its downfall, the rupee on Tuesday sank by a whopping 90 paise to all-time closing low of 58.77 on massive dollar buying by banks and importers
The rupee closed at 58.77/78 per dollar compared to its previous lowest close of 58.39 recorded last week
Reason
- The widening current account deficit (CAD) continues to depress the value of the rupee
- The first four months of 2013 saw over $3.6 billion of inflows in the Indian debt segment and between May and June till date, over $3.5 billion has moved out. Such a sharp outflow within such a short period of time continues to pressure the rupee.
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