Rupee hovers at 55.70 vs US Dollar

TNI Bureau: The Indian Rupee continued its downfall on Thursday, triggered a big panic among the investors and common people. The rupee slumped to 56.38, but later recovered to end at 55.70.

For the seventh day in row, the Rupee declined against the greenback, signalling gloomy days ahead for the Indian Economy. There is a huge demand for the American currency from importers.

The fall of Rupee has been attributed to the eurozone conflict because of Greece’s debt crisis. Despite the steps taken by the Reserve Bank of India (RBI), the Rupee did not show signs of big recovery.

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