Saturday 19 April 2014
News updated at 10:26 AM IST
Weather
Max: 35.4°C
Min : 22.5°C
In Bangalore
Sunny day

Rupee breaches 66-mark against dollar, down 176 paise

Mumbai, Aug 27, 2013, PTI:

The rupee today breached the 66-mark against the dollar for the first time in history and quoted at 66.06 at mid-session.

The Indian currency declined amid weak local equities and demand for the dollar from importers and banks. A strong US currency overseas and capital outflows also weighed on the rupee.

The rupee opened lower at 65 from yesterday's close of 64.30 and continued to slide to 66.06, down by 176 paise. It quoted at 65.97 against the dollar at 1400 hours. The previous lifetime low of 65.56 was reached on August 22.

Month-end dollar demand from importers, mainly oil refiners, and some banks on behalf of their clients put pressure on the rupee.

Dealers said the Food Security Bill, which was passed by the Lok Sabha yesterday, has raised fears that the government might face a higher subsidy burden.

Finance Minister P Chidambaram said in New Delhi today that the currency is undervalued and hoped it will find its appropriate level.

Chidambaram also said the fiscal deficit will be contained at 4.8 per cent of GDP even after doling out subsidies to implement the Food Security Bill.

The benchmark S&P BSE Sensex stock index was down by more than 575 points in afternoon. Foreign institutional investors pulled out a net Rs 607.43 crore of stocks yesterday, as per provisional data with the exchanges. 


Go to Top

Photo Gallery
Runners, wearing jackets from the 2013 Boston Marathon, add their message to a cloth banner after...

Runners, wearing jackets from the 2013 Boston Marathon, add their message to a cloth banner after...

Yesenia Del Carmen 8, carries a cross reading 'No to the Deportations,' 'as she and her...

Yesenia Del Carmen 8, carries a cross reading 'No to the Deportations,' 'as she and her...

South Sudanese fleeing an attack on the South Sudanese town of Rank, rest during arrival at a...

South Sudanese fleeing an attack on the South Sudanese town of Rank, rest during arrival at a...

A sand sculpture of Simon Zelotes preaching the gospel is seen during Holy Week celebrations in...

A sand sculpture of Simon Zelotes preaching the gospel is seen during Holy Week celebrations in...

Rescue workers operate near floats where the capsized passenger ship 'Sewol' sank, during the...

Rescue workers operate near floats where the capsized passenger ship 'Sewol' sank, during the...

Pilgrims light candles held in orange skins on Good Friday in Tanarandy Mission April 18, 2014...

Pilgrims light candles held in orange skins on Good Friday in Tanarandy Mission April 18, 2014...

Leaked oil is seen on the surface of the sea near the site where the capsized passenger ship...

Leaked oil is seen on the surface of the sea near the site where the capsized passenger ship...

Firefighters stand near the remains of beachfront homes which caught fire in Sea Isle City, New...

Firefighters stand near the remains of beachfront homes which caught fire in Sea Isle City, New...

In this Saturday, Feb. 15, 2014, file photo, Miss America 2014 Nina Davuluri attends the NCAA...

In this Saturday, Feb. 15, 2014, file photo, Miss America 2014 Nina Davuluri attends the NCAA...

Women adjust their outfits as they prepare to take part in a ritual dance during a Gaga ceremony...

Women adjust their outfits as they prepare to take part in a ritual dance during a Gaga ceremony...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523