Mumbai: The rupee breached the 68-mark on Wednesday to close at an all-time low of 68.72 against the US dollar.
The rupee on Wednesday opened at 66.90 vs US dollar. Rupee has fallen more than 6 per cent this week so far and more than 12 per cent since July 15 RBI moves.
Meanwhile, BJP leader Prakash Javadekar slammed the UPA government for the rupee fall. "All the commodities will become expensive, because goods, transport, everything will go up, so there will be general price rise. Those presently employed will lose their jobs because of this disastrous situation. This is the man made crisis, this is UPA made crisis," he said.
On Tuesday, the rupee closed at 66.24 against the dollar on month-end demand from importers, capital outflows and Food Bill subsidy concerns.
Meanwhile, the market crashed further on Wednesday morning with the Sensex falling more than 400 points on weak rupee and strong crude oil prices.
The Sensex is down 481.44 points or 2.68 per cent at 5,125.30, and the Nifty is down 162.15 points or 3.07 per cent at 164.40.
Ashutosh Raina, HDFC Bank feels that geopolitical tensions continue to put pressure on global currencies. "Flight to seek dollar safety is expected to intensify pressures on the rupee in the short term. Range for the day is seen between 66.20-67.22/USD," he adds.
(With additional information from moneycontrol.com)####
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