MUMBAI: Reserve Bank of India (RBI) has said it will intervene in the currency market if necessary to check extreme volatility.
The rupee fell past 47 per dollar for the first time this year, set for the worst week since 1995, as tumbling stocks worldwide fuelled concern the debt crisis in Europe will undermine the global economic recovery.
The rupee's 6% loss since April 30, the second-worst performance among Asian currencies, more than erased its gains during the first four months of 2010.
Currency and foreign exchange expert A V Rajwade said the rupee could slide to 48/dollar over the next six months...
