Rupee hits All-Time Low of 60 vs US Dollar

Indian Rupee hit all-time low against US Dollar on Thursday. It touched 60-level in early trade. Later, it came down to 59.53 per dollar.The sharp decline in domestic currency showed the strong demand for Dollar from banks and importers.

Meanwhile, the Bombay Stock Exchange fell below the 19,000 level following the decline in the rupee. It resumed lower at 19,069.20 and dropped further to a low of 18,822.65. The NSE also dropped by 124.45 points, or 2.09 per cent, to 5,700.80 at 10.30 am.

The finance ministry, RBI and the SEBI are watching the markets. The necessary steps will be taken when necessary, said the government chief economic adviser Raghuram Rajan.