The rupee, which has fallen 13% since May, hit an all-time intra-trade low of 60.76 before recovering marginally to close at 60.71, a steep fall of 105 paise or 1.78% from Tuesday.
“As rupee has breached the 60-mark, it is likely to depreciate further in continuation of its strong bearish momentum, though a short bounce back cannot be ruled out,” said Sugandha Sachdeva, currency analyst, Religare Securities. “The level of 62 looks imminent in coming days and a breach might lead to a drift even towards 63-mark in near term.”
Foreign institutional investors (FIIs) pulled out nearly Rs. 550 crore from stocks on Wednesday and outflows in June have totalled close Rs. 9,000 crore. In the debt segment, till Tuesday, FIIs had pulled out Rs. 27,850.20 crore.