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Indian rupee plunges to record low of 62.45 against dollar

The Indian rupee fell to a record low on Monday as the government’s steps unveiled last week seemed inadequate to stall the currency’s fall. (AP)

The rupee dropped to a record low of 62.45 per dollar in late morning trade today on persistent demand for the US currency from banks and importers coupled with capital outflows from foreign funds.

Editorial: Sliding back

A firm US currency in the overseas market also affected the rupee value against the dollar, a forex dealer said.

Market report: Sensex plunges further by 225 pts

The rupee resumed lower at 62.30 per dollar as against the last weekend’s level of 61.65 at the Interbank Foreign Exchange (forex) Market and dropped further to a new record low of 62.45.

However, it recovered to 62.21 before quoting at 62.34 per dollar at 1045 hours.

Rupee crash: How Govt, RBI are fighting the crisis

It showed a loss of 69 paise, or 1.12 per cent, from its last close.

The US dollar edged modestly higher in the early trade ahead of key Federal Reserve events this week that may offer more signals about when policy makers will begin tapering monetary stimulus.

Meanwhile the benchmark BSE-30 share Sensex dropped by 209.58 points, or 1.13 per cent, to 18,388.60 at 1050 hours.

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