The rupee breached the 61-level mark to trade at an all-time low - TopicsExpress

The rupee breached the 61-level mark to trade at an all-time low of 61.19 on 9.34 a.m. on Monday due to weakness in the domestic equity market and high demand for dollar from importers.The rupee weakened by 65 paise to an all-time low of 60.87 against the dollar in the opening trade on Monday against the previous close of 60.22. “As of now, we expect it to defend Rs 60/USD, as a breach will surely push up expectations towards Rs 63/USD. Yet, we estimate that RBI will find it difficult to sell beyond $30 billion to defend the rupee,’’ said Indranil Sen Gupta, India Economist, DSP Merrill Lynch. The benchmark 7.16 per cent government security, which matures in 2023, opened lower at Rs 96.80 from the previous close of Rs 97.67. Yields hardened to 7.62 per cent from the previous close of 7.49 per cent. thehindubusinessline/markets/forex/rupee-slumps-to-alltime-low-of-6119-on-dollar-demand-global-cues/article4893960.ece?homepage=true

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