| Date: |
08-07-2013 |
| Subject: |
Indian rupee plunges to life low of 61.10 against US dollar |
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The Indian rupee fell to a record low on Monday as an emerging markets sell-off after strong US jobs data laid bare the currency's vulnerability and dependence on capital inflows to fund its record current account deficit.
The rupee was at 60.87/88 after hitting a record low of 60.97, breaching the previous low of 60.76 hit on June 26. It had closed at 60.225/235 on Friday. RBI top post: Saumitra Chaudhuri frontrunner
Bond yields also jumped on fears that foreign investors would continue to sell rupee debt. The 10-year yield rose as much as 13 basis points to 7.63 pct from its previous close.
Source : indianexpress.com
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