M A I N   N E W S

A new high of low for rupee
Breaches 64-level, recovers to 63.25 after RBI steps in
Sanjeev Sharma/TNS

New Delhi, August 20
The global benchmark for measuring currencies is the US dollar. However, today while the Indian rupee continued its weak trend, the comparison with the British pound was in focus as it slipped below the 100 mark for the first time ever.

Against dollar, the rupee hit a record low of 64.13 breaching the 64 mark for the first time before recovering due to RBI intervention to close at 63.72. Against the pound, the rupee touched the mark of 100.52.

This is good news for NRIs in the UK for making investments in India as the pound will fetch more in Indian currency. But its a bad news for Indians travelling to the UK or studying there as the rupee value diminishes.

The rupee which is having a horror run hit a new low of Rs 100.35 against the British pound (GBP) early this morning, as weak economic fundamentals including a high current account deficit weighed down on the Indian currency. After a modest recovery from its bottom, rupee was seen trading at Rs 99.7 against the British pound by mid-day trade. The rupee has depreciated by about 25 per cent in the past three months, from close to Rs 83 in mid-May, while it was even higher at about Rs 80 against the British pound in March.

At close to Rs 100 level, the British pound is the most expensive against the Indian rupee among major foreign currencies across the world, followed by euro (Rs 85), Swiss franc (Rs 69), US dollar (Rs 63.7), Canadian dollar (Rs 61.5), Australian dollar (Rs 57.8), New Zealand dollar (Rs 50.9) and Singapore dollar (Rs 49.8).

Finance Minister P Chidambaram today held a meeting with top government functionaries, including Prime Ministerís key economic adviser C Rangarajan and deputy chairman, Planning Commission, Montek Singh Ahluwalia.





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