RTTN:Indian Rupee Slides To Fresh Record Low Against Dollar
(RTTNews) - The Indian rupee plunged to a new record low of 56.5705 against its US counterpart on Thursday as the latter firmed up on Fed's overnight decision to extend "Operation Twist"
The rupee thus breached its previous record low of 56.52 against the dollar that hit on May 31.
The market speculation of an RBI intervention just ahead of the 56.50 level failed to support the falling rupee.
As of 1:40 pm IST, the rupee was trading at 56.5350 against the dollar, down from previous day's closing quote of 56.1488.
Slowing global growth, lingering eurozone crisis and increasing dollar-demand from importers would undermine the rupee further and some traders believe the 58.0/dollar level is in the offing.
