Rupee slips right down to another record low, reaches below sixty against dollar

The Indian currency rupee has hit another record low on Wed and slipped the psychological resistance level of sixty against a dollar. The decline has been marked as a result of high month-end demands for the North American nation currency by importers and sustained outflow of cash.

The part convertible rupee slouching to sixty.63 against a dollar at the inter-bank exchange market in metropolis within the late afternoon session, surpassing its previous record low of fifty nine.98 hit on Gregorian calendar month twenty.

Rupee had closed at fifty nine.67 against a dollar on weekday.

Analysts aforementioned the Indian currency would weaken more and should hit the 61-level shortly.

"If the market sustains above-60 levels on a closing basis then there's an occasion that it would hit succeeding technical key-level of sixty one," aforementioned Abhishek Goenka, chief military officer of Republic of India Forex Advisors.

We have witnessed immense outflows from the debt market within the current month that is swing severe pressure on the rupee. The distinguished reason behind a vast outflow is that the attenuation arbitrage chance for the foreign investors, Goenka aforementioned.