Rupee Drops to an All-time Low of 62 per dollar Friday Aug 16,2013

The Rupee on Friday Aug 16,2013 after recovering by 10 paise in early trade dropped to all-time low of Rs. 62 per dollar(dropping past the previous low of 61.80 hit on August 6,2013)after opening at 61.35 despite measures initiated by the Reserve Bank of India (RBI) and the government to shore up the Indian currency

 Note
The Reserve Bank on Wednesday Aug 14,2013 reduced the limit for overseas direct investment (ODI) by domestic companies, other than oil PSUs, under the automatic route from 400 per cent of net worth to 100 per cent to curb forex outflow. Oil India and ONGC Videsh are exempt from this limitation.

The rupee had lost 24 paise to close at an all-time low of Rs. 61.43 against the U.S. currency in the previous session on Wednesday Aug 14,2013