Rupee falls for eight straight day
November 23rd, 2011 - 9:12 pm ICT by IANS
New Delhi/Mumbai, Nov 23 (IANS) The Indian rupee depreciated against the US dollar for the eighth straight day Wednesday, even as Finance Minister Pranab Mukherjee assured of necessary action to curb the slide.
The rupee closed 0.1 percent down at 52.36 against the dollar Wednesday after appreciating to 51.70 in the intra-day trade on speculation the Reserve Bank of India would intervene.
The Indian rupee had closed at 52.29 against the dollar Tuesday after slumping to a all-time low of 52.73 in the intra-day trade. The earlier record low was 52.19 against dollar.
The value of Indian rupee has depreciated almost 15 percent against the US dollar in the last four months. It has lost 14.6 percent of its value so far this year.
Reacting on the slump, the finance minister said the Indian currency and the equities markets were hit by the uncertainties in the global economies, especially the complicating debt crisis in the Eurozone.
“Unless the Eurozone stabilise, there is a difficulty for Indian markets to stabilise,” Mukherjee told reporters in New Delhi.
Weakness in rupee has badly hit the Indian equities markets.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed 2.27 percent down at 15,699.97 points Wednesday after slumping to the near two-year low of 15,478.69 points in the intra-day.
Mukherjee said weakness in rupee was making investors nervous and leading to the sell-off in the markets.
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- Sensex drops 140 points on weak rupee, global worries (Weekly market review) - May 19, 2012
- Rupee dips below 55 against a dollar - May 21, 2012
- Rupee recovers from record low but outlook gloomy - Dec 13, 2011
- Rupee slide continues, now at another all-time low - Dec 14, 2011
- Sensex closes flat on weak rupee (Lead) - May 17, 2012
- Rupee slide continues: hits new low of 54.60 against dollar (Lead) - May 17, 2012
- Rupee dips to new intra-day low of 54.91 to a dollar - May 18, 2012
- Rupee hits new low for third straight session (Roundup) - Dec 14, 2011
- Rupee hits a new low of 55.47 against dollar - May 22, 2012
- Sensex tanks 298 points, metal, auto stocks fall (Lead) - May 16, 2012
- Rupee hits record low, government blames global economic turmoil (Roundup) - Nov 22, 2011
Tags: bank of india, bombay stock exchange, bse, debt crisis, eurozone, finance minister, four months, global economies, indian currency, indian markets, indian rupee, mumbai, New Delhi, pranab mukherjee, reserve bank of india, sensex, sensitive index, slump, speculation, uncertainties