Indian Rupee Extends Decline To Near 6-week Low Versus U.S. Dollar
July 27 2015 - 7:35AM
RTTF2
The Indian rupee continued to be lower against the U.S. dollar
in evening deals on Monday, as mounting worries about China's
economy and apprehensions about whether market regulator SEBI will
review participatory notes norms dragged down regional stocks.
The benchmark index BSE Sensex fell 550.93 points or 1.96
percent to 27,561.38, marking its biggest single-day loss since
June 2. The broader Nifty index fell 160.55 points or 1.88 percent
to 8,361, its biggest single-day loss since June 11.
In an attempt to calm foreign investors, Finance Minister Arun
Jaitley said today that the government would not take any
"knee-jerk" reaction that will adversely impact India's investment
climate.
He said that the government will study the recommendations of
the Supreme Court-appointed SIT on black money before taking a
stand. "It is too early to say what view the government would take,
but it will certainly not take any such action in a knee-jerk
manner," he added. The report by the special investigations team
had suggested greater oversight of money laundering in stocks.
The rupee fell to 64.2055 a dollar, a level not seen since June
17. This is a 0.18 percent decrease from Friday's closing value of
64.0930. If the rupee continues fall, 65.5 is possibly seen as its
next downside target level.
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