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Rupee ends below 65 despite RBI steps

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SummaryThe rupee remained in the doldrums for the sixth session in a row

The rupee remained in the doldrums for the sixth session in a row on Thursday as it breached the 65 mark to an all-time intra-day low of 65.56 before recovering to settle at 64.55 against the dollar, still down 44 paise.

Even as local stocks recovered, the rupees declined on dollar sales by exporters and capital outflows. Steps taken by the Reserve Bank and the government to curb volatility in the exchange rate appeared to have had little effect.

The dollar strengthened overseas after minutes showed the US central bank remains on course to start trimming its stimulus before the year end. The dollar index, consisting of six major global currencies, was up 0.32%.

At the interbank foreign exchange market, the rupee resumed weaker at 64.85 a dollar from the previous close of 64.11 and crossed the 65 mark to a historic low of 65.56. It recovered some ground and ended at 64.55, still a fall of 44 paise or 0.69%. In six straight sessions, the rupee has tanked by 336 paise or 5.49%.

A set of RBI and government measures have not helped the rupee to witness a recovery, said Abhishek Goenka, CEO of India Forex Advisors.

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