Indian Rupee drops to 61.80 vs US Dollar
The Indian Rupee recorded its biggest fall to slump to a new low of 61.80 against the USD at around 2 PM. But, later, it made some recovery to 60.77 after the RBI intervention. The Rupee has plunged over 1.6 per cent so far in August.
The Rupee has recorded a fall, even as many other currencies have gained against the USD. That is definitely a sign of concern. The RBI has restricted its supply of cash to the banking system, making the purchase of dollar more expensive.