You are here: Home » Finance » Money & Forex Markets » News
Business Standard

Rupee breaches 60/dollar after RBI policy

This was the first time after July 15 that rupee crossed the level

BS Reporter/Reuters  |  Mumbai 


The rupee again breached the Rs 60 per dollar mark in afternoon trades. This is the first time the rupee breached the Rs 60 per dollar mark after the Reserve Bank of India (RBI) announced liquidity tightening measures on July 15.

At 1:55 pm, the rupee was quoting at Rs 60.07 compared with previous close of Rs 59.41 per dollar. Falls accelerated in the afternoon session after the RBI left interest rates unchanged and said it will roll back those liquidity tightening measures when stability returns to the currency market.

“The street was expecting some concrete measures from the Reserve Bank of India (RBI) in the monetary policy.

Still, that did not come and there is also month-end dollar demand by importers so the rupee weakened,” said a currency dealer by a state-run bank. However, according to currency dealers state run banks will intervene in the market to arrest further fall. Earlier this month the rupee had touched an all-time low of Rs 61.22. However, the rupee had recovered after RBI announced liquidity tightening measures.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, July 30 2013. 13:50 IST