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| INR all time low against Rupee |
The rupee extended losses past 64 to a dollar on continued concerns about how India will fund its current account deficit in case fund flows taper out of emerging markets.
The rupee fell to 64.05 to a dollar, a record low, breaching a key psychological level of 64. It had last closed at 63.13/14.
Besides, melting domestic stock market and dollar's strength against major currencies overseas on expectation that theFederal Reserve will soon taper its bond-buying programme weighed on the domestic unit, dealers said.
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They said several measures announced by the government and the RBI failed to check volatility in the rupee.
The rupee had recorded the decade's worst single-day fall of 148 paise, to close at record low of 63.13 against the dollar in the previous session.
Sensex tanks 325 points in early trade, slips below 18, 000 level
The BSE benchmark Sensex today tanked over 325 points to dip below 18,000 level in the early trade on sustained selling, extending losses for the third straight day, as rupee plunged to fresh lows amid a weakening trend overseas.
The 30-share index slipped below 18,000 mark by plunging 325.64 points, or 1.78 per cent, to 17,981.88. All sectoral indices led by financials and realty trading in negative territory with fall up to 3.08 per cent. Sensex had lost over 1,060 points in the previous two sessions.
Similarly, the wide-based National Stock Exchange index Nifty slipped below 5,400 points mark by falling 91.75 points, or 1.69 per cent, to 5,323.
Brokers said sentiments remained extremely bearish on heavy selling on free-fall in the rupee's value that hit another record low of 63.75 against the dollar, and a weakening trend in the global market as investors bet that the US Fed will soon announce a wind-down of its massive bond-buying programme.
Will India going to see 1991 crisis again in 2013. Now That is the question mark and time will only tell.
Hope for the best.
Courtesy: ToI and ABP News
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