Rupee on Decline, slumps to 61.20 vs US Dollar

After showing signs of recovery for more than a week, the Indian Rupee yet again reached a new low at 61.20 against the US Dollar before bouncing back to 60.96 at around 2 PM today.

The Rupee dropped 73 paisa when the market opened this morning. Yesterday, it had closed at 60.47 against the USD. High dollar demand from importers, mainly oil refiners, has reportedly affected the value of the Rupee.

A couple of weeks ago, RBI had taken some measures to curb the Rupee’s fall after it touched 61. However, these measures brought only temporary relief to the market.

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