The Indian Rupee continued its downward trend, by breaching the psychological mark of 60 on Wednesday. After hitting a record low of 60.75, the Rupee finally ended at 60.72 at the end of day’s trading. It could well fall further to 62 or so in the coming days unless the RBI intervenes to check the slide.
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The dollar demand from domestic importers and decline in other Asian currencies has been attributed to the fall of Rupee. Currently, it is the worst performing currency in Asia.
The Rupee has witnessed a fall of 9% against the US Dollar in 2013. In May, it fell by 12%, while it registered a fall of 7% in June 2013.
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