Rupee breaches Rs 63 mark during trade

Govt's steps seem inadequate, yields shoot up above 9%

Rupee hit an all time low and breached psychological level of Rs 63 against the US Dollar in the evening trade today.

Yield on government bonds also crossed 9% per cent mark during the trade. Currently Indian currency is trading at Rs 63.23 against the greenback at 4.40 PM.

Tracking the rupee movement yield on 10 year government bond also went above 9 %. They are currently at 9.25%.

Bond yields had closed on 8.88 % on Friday.

S Srinivasaraghavan, head- treasury, Dhanlaxmi Bank said lack of demand is pushing the bond yields up.

Reserve Bank of India in past few days has announced number of steps to control the volatility in the rupee, however currency dealers say these steps are not helping rupee and instead proving counterproductive.