Rupee falls to weakest since 2013 crisis levels

The rupee fell on Thursday to its weakest since September 2013, when the country was still in the midst of its worst market turmoil in more than two decades, tracking falls in most Asian currencies against the dollar as oil prices plunged.

The falls prompted the Reserve Bank of India to sell dollars through state-owned banks to curb the rupee’s decline.

The rupee was trading at 67.1350/1425 to the dollar at 9.39 a.m., after earlier weakening to as low as 67.1450, its weakest since Sept. 4, 2013.

That was the weakest since the rupee hit a record low of 68.85 in August 2013 when the country was suffering from its worst market turmoil since the 1991 balance of payment crisis.

The USD/INR pair had closed at 66.8450/66.8550 on Wednesday.



[Source:- REAUTERS]