Rupee tumbles to record low; sensex closes 28 points higher

The rupee's free fall continued on Wednesday with the opposition slamming the government.

The author has posted comments on this articleTNN | Aug 28, 2013, 04.19PM IST

NEW DELHI/MUMBAI: With the rupee plunging to new record lows and the markets down, the government said on Wednesday global factors were to blame for the turbulence.

Speaking to Times Now, commerce minister Anand Sharma said there was no reason for panic.

Challenges are there but our macro fundamentals are strong, Anand Sharma said.

There are some signs of recovery across the globe and that gives us hope that things will also improve in India, he said.

The minister's observation came as the rupee plunged to a new record low of 68.75 per dollar in the late morning trade on Wednesday on persistent dollar demand from banks and importers due to further fall in equity market amid rise in crude oil prices.

The sensex which plunged nearly 500 points during the day, recovered the loses.

It ended in the green, 28 points up at 17,996.15

.

Earlier, the rupee resumed lower at 66.90 per dollar as against the last closing level of 66.24 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to an all-time low of 68.75 per dollar at 10.45am.

Persistent capital outflows by foreign funds also affected the rupee value against the dollar, a forex dealer said. Foreign Institutional Investors (FIIs) sold shares worth a net Rs 1,373.99 crore on Tuesday as per the provisional data from stock exchanges.

Oil prices rose in Asian trade today on concerns over possible US military action against Syria after Washington warned President Bashar al-Assad's regime that it would face action over an alleged chemical weapons attack. New York's main contract, West Texas Intermediate (WTI) for delivery in October, was up 57 cents to $106.49 in mid-morning trade.

(With inputs from agencies)

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