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Rupee hits 3-week low, testing RBI’s resolve to defend currency

Posted on 31 July 2013

The Indian rupee fell below the key psychological level of 60 to the dollar to a three-week low on Tuesday, posting its biggest fall in a month, as the central bank kept interest rates on hold and failed to announce any additional steps to defend the currency.
The rupee has now erased all gains since the Reserve Bank of India first announced steps to defend the rupee by withdrawing cash on July 15, and is within sight of a record low of 61.21 hit early this month……………………………………….Full Article: Source


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