Rupee posts second biggest fall in 2013 after Budget presentation, plunges 50p Vs US dollar

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Summarythe rupee today lost a staggering 50 paise to hit a one-week low of 54.36.

rupee depreciated after the budget was announced by the FM, where he said spending needs to be increased. It failed to give any roadmap as to how to fund the deficit and how to attract the flows in the market, said Abhishek Goenka, Founder and CEO, India Forex Advisors.

The premium for the forward dollar closed mixed. The benchmark six-month forward dollar premium payable in July declined to 164-166 paise from yesterday's close of 166-168 paise while far-forward contracts maturing in January rose to 332-334 paise from 329-331 paise.

The RBI fixed the reference rate for the US dollar at 53.7735 and for euro at 70.6805.

The rupee fell back sharply against the pound sterling to 82.57 from previous close of 81.58 and also moved down against the Japanese yen to 59.00 per 100 yen from 58.79.

It dipped against the euro to 71.29 from Wednesday's close of 70.53.

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