HT:Rupee hits new low of 68.82 against dollar, recovers a bit
The rupee slumped past the 68 per dollar mark on Wednesday, hitting a record low of 68.82, as concerns weighed heavily in the financial markets on the expected increase in government's subsidy burden following the passage of the food security bill and uncertainty over a possible US led military strike against Syria. The rupee, however, recovered some lost ground by the evening and was hovering around 68.15 to a dollar at 4.50pm.
The BSE Sensex also plunged over 519 points in intra-day trade following persistent selling pressure, triggered by the sharp rupee fall coupled with sustained capital outflows by foreign funds. However, markets recoverd by the time it closed and ended 28.07 points, or 0.16 per cent, higher at 17,996.15. Continuing its free-fall, the rupee opened the session at 67.06, sharply below its Tuesday's close of 66.24.
