Indian rupee falls below 60-mark

Bangalore, June 27: The Indian rupee today tanked by a massive 105 paise to close at a historic low of 60.71 against dollar on heavy capital outflows and month-end dollar demand from importers, even as RBI intervened to stem the currency's slide.

The Indian rupee resumed lower at 59.74 a dollar from overnight close of 59.66 at the Interbank Foreign Exchange (Forex) market and immediately touched a high of 59.72.

As dollar demand surged, rupee continued to reel under pressure and touched an all-time intra-trade low of 60.76 and finally ended at 60.72, a steep fall of 106 paise or 1.78 per cent. On June 10, 2013, it had tumbled by 109 paise (1.91 pc).

The currency has lost 13% since May, and it could continue to fall unless policy steps to boost the economy are outlined soon.

OneIndia News

(with agency inputs)