Press Esc to close
Saturday 20 December 2014
News updated at 12:18 AM IST
Weather
Max: 24°C
Min : 18.2°C
In Bengaluru
Generally cloudy

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
People takes protection against cold with woollens...

People takes protection against cold with woollens...

helicopter following a crash during the men's World Cup Downhill skiing...

helicopter following a crash during the men's World Cup Downhill skiing...

a migrant carries a tent trough a field...

a migrant carries a tent trough a field...

King penguins stand on the edge of their tank ...

King penguins stand on the edge of their tank ...

Mount Gamalama spews volcanic ash as it erupts...

Mount Gamalama spews volcanic ash as it erupts...

Kashmiri students wearing shrouds with red colour

Kashmiri students wearing shrouds with red colour

Staff dressed as Santa Claus try to squeeze into a car at a theme...

Staff dressed as Santa Claus try to squeeze into a car at a theme...

The VIP flyover wears a deserted look during Taxi strike in Kolkata...

The VIP flyover wears a deserted look during Taxi strike in Kolkata...

Children during a Christmas celebration at National Centre for Performing Arts ...

Children during a Christmas celebration at National Centre for Performing Arts ...

Hero Action Team during a cycling expedition at Kufri...

Hero Action Team during a cycling expedition at Kufri...

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