Monday, August 19, 2013

Rupee falls to 64 per dollar, a new all-time low; Sensex slips below 18000-level - Hindustan Times

The rupee hit a new all-time low on Tuesday on continuing fears that recent measures to stabilise the currency and kickstart the country's flagging economy will not work.

Asia's worst-performing currency this year slid to 64.05 rupees against the dollar, past its previous low of 63.22 struck the previous day.

The rupee has fallen 16% against the dollar this year.

Dealers said they feared the unit could weaken further and central bank measures undertaken over the past three months would not halt the slide.

Emerging market currencies have also been hit by expectations the US Federal Reserve will roll back its stimulus, which has fuelled a flood of foreign investment in developing economies looking for better returns than in the West.

Sensex slips below 18K level

On the other hand, the BSE benchmark Sensex tanke dover 325 points to dip below 18,000 level in the early trade on sustained selling, extending losses for the third straight day, as rupee plunged to fresh lows amid a weakening trend overseas.

The 30-share index slipped below 18,000 mark by plunging 325.64 points, or 1.78%, to 17,981.88. All sectoral indices led by financials and realty trading in negative territory with fall up to 3.08%. Sensex had lost over 1,060 points in the previous two sessions.

Similarly, the wide-based National Stock Exchange index Nifty slipped below 5,400 points mark by falling 91.75 points, or 1.69%, to 5,323.

Brokers said sentiments remained extremely bearish on heavy selling on free-fall in the rupee's value that hit another record low of 64.05 against the dollar, and a weakening trend in the global market as investors bet that the US Fed will soon announce a wind-down of its massive bond-buying programme.

In the Asian region, Hong Kong's Hang Seng index was down 0.30%, while Japan's Nikkei Index shed 0.53 per cent in the morning trade today.

The US Dow Jones Industrial Average ended 0.47% lower in Monday's trade.

HT poll results on rupee fall

(With inputs from HT, AFP, PTI, Reuters)

HT EDIT: There's only one way out
READ: Food prices bite, pain to worsen as weak rupee stings
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READ: Clouds darken over economy as rupee hits new low, shares plunge
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