Rupee slumps to all-time low of 58.16 vs dollar

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  1. average american

    average american Senior Member Senior Member

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    Rupee slumps to all-time low of 58.16 vs dollar


    PTI | Jun 10, 2013, 05.00PM IST
    Rupee hits 58 vs dollar, posts biggest drop since 22 September 2011

    The dollar gained broadly following weak Chinese data and reasonably healthy US jobs data.
    PTI | Jun 10, 2013, 05.00PM IST
    MUMBAI: The rupee today sank by a staggering 110 paise to life-time low of 58.16 against dollar, making the struggling economy further vulnerable as imports become costlier, inflation risks rise and record high CAD worsens.

    A confluence of negative factors including heavy dollar demand and slowdown in capital inflows put pressure on the rupee, which has slumped by 8 per cent from 53.80 on April 30.

    Forex traders said there were no visible signs of RBI intervention to arrest rupee slide but expectations are high that the central bank will come with restriction on banks overnight net long positions to reduce the volatility and speculation like it did last year.

    Yep, the USA is in real trouble :drinking:

    Rupee slumps to all-time low of 58.16 vs dollar - The Times of India
     
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