Arab Today, arab today india rupee hits alltime us dollar low
Last Updated : GMT 06:55:28
Arab Today, arab today
Arab Today, arab today

India rupee hits all-time US dollar low

Arab Today, arab today

Arab Today, arab today India rupee hits all-time US dollar low

London - Arabstoday

India\'s rupee has hit an all-time low against the US dollar, with companies buying the greenback amid continuing fear about the global financial crisis. The rupee plunged to 52.50 to the dollar on Tuesday, sparking new inflation concerns. The rupee has now fallen 14% since the start of 2011. Delhi said the fall reflected market uncertainty and urged against an \"overreaction\". The fall is also due to some investors leaving emerging markets, analysts say. \"At this moment, the dynamics seem to be pretty much against all emerging market currencies and that\'s not really helping the rupee,\" economist Siddartha Sanyal told AFP news agency. Shares rise India\'s finance ministry has said that the central bank - the Reserve Bank of India - had only a \"limited\" ability to curb the fall of the rupee. Trade secretary Rahul Khullar urged investors not to \"overreact\" to the weakening rupee. Finance Minister Pranab Mukherjee said the fall reflected uncertainty in the international markets. \"We expect there will be a self correction,\" he said. Interest rates have been increased regularly over the past 18 months to try to curb overheating, but price rises remain a concern. On Tuesday, the Sensex index of leading shares was up slightly, after falling 2.6% on Monday. There had been eight straight sessions of decline. Kishor Ostwal, chairman at CNI Research, told Reuters: \"So long as the rupee is falling, I don\'t think anything can change fundamentally. What we are seeing today is purely because of short covering.\" The rupee remains the worst performing of Asia\'s 10 most-traded currencies.

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