The rupee hit another lifetime low on Tuesday (May 22, 2012) afternoon, falling to 55.44 against the dollar. Earlier in the day, the Indian currency fell to a new low of 55.07 to the dollar, its fifth consecutive all-time low, as arbitrage measures taken by the RBI late on Monday (May 21, 2012) provided only a brief
sentiment boost.
Also on Tuesday afternoon, Finance Minister Pranab Mukherjee blamed the fall in the rupee on external factors, saying it was due to a global slowdown.
He ascribed the rupee's precipitous slide over the past five days to the euro zone crisis and to the global slowdown, adding that the Indian stock markets as well as economic growth have been hit by the slowdown.
'A number of steps have been taken to augment supply of forex to stem rupee decline,' he said.
It recovered shortly after and was trading just below the 55 mark through most of early afternoon.
....more info
sentiment boost.
Also on Tuesday afternoon, Finance Minister Pranab Mukherjee blamed the fall in the rupee on external factors, saying it was due to a global slowdown.
He ascribed the rupee's precipitous slide over the past five days to the euro zone crisis and to the global slowdown, adding that the Indian stock markets as well as economic growth have been hit by the slowdown.
'A number of steps have been taken to augment supply of forex to stem rupee decline,' he said.
It recovered shortly after and was trading just below the 55 mark through most of early afternoon.
....more info