Thursday, June 20, 2013

Rupee trembles


The domestic unit plunged 130 paise to hit a life-time low of 60 against the US dollar in early trade against the previous close of 58.71 at the Interbank Foreign Exchange market. The currency also continues to face challenges from India’s rising current account deficit. The weakening currencies come at a tricky time for Asian economies, as countries face an uncertain growth outlook compounded by inflationary pressures.

Today, prices of RSS3 closed at `.164.95 a kg at Bangkok, while Malaysian SMR20 closed at `.134.50 a kg. On the Tokyo Commodity Exchange, June futures series closed at ¥229, July at ¥232, August at ¥232.3, September at ¥234.3, October at ¥236.1 and the contract for delivery in November closed at ¥238 a kg, after touching a low of ¥235.2 a kg.

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