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.
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The previous high was recorded on July 8, when the Rupee had touched 61.21 against the US Dollar. The RBI has failed to contain the fall despite some measures taken last month.
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.
