Continuing its downslide for the third straight day, Indian rupee today plunged by 55 paise to close at 60.21 due to fresh capital outflows and sustained US dollar demand from importers, even as RBI intervened in the fag-end to arrest the currency fall. The rupee commenced lower at 59.87 a dollar from previous close of 59.66 and immediately touched a high of 59.84 at the Interbank Foreign Exchange (Forex) market. It, later, turned negative and tumbled to a low of 60.39 as global markets panicked on the back of multiple reasons including slowing Chinese growth, political tension in Portugal and the signs of issues in the Eurozone. However, suspected RBI intervention helped the rupee to close a tad better at 60.21. N S Venkatesh Treasury Head of IDBI Bank said:" Rupee depreciated today as dollar strengthened against all major currencies. Also, equity market performance put some pressure on the domestic currency. However, we saw some selling of dollars from exporters and foreign banks." Read more business news: http://janoduniya.tv/business
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