Advertisement

HindustanTimes Sat,12 Jul 2014

Rupee extends fall as finmin fails to announce concrete measures

Reuters  Mumbai, June 13, 2013
First Published: 09:28 IST(13/6/2013) | Last Updated: 13:28 IST(13/6/2013)

The rupee extended falls on Thursday following comments from the finance minister as he failed to announce any clear and strong measures to arrest the sharp decline in the rupee seen in recent weeks.

Advertisement

At 10:26 am (0456 GMT), the partially convertible rupee was at 58.24/25 per dollar, after hitting 58.27 and down further from 58.12 levels before the finance minister started speaking.

The unit had ended at 57.79/80 on Wednesday.

"He speaks about concerns, the market is already concerned and so far there are no definite plans or decisions," said Hari Chandramgethen, head of foreign exchange trading at South Indian Bank.


Advertisement
more from Business

Doubling of tax on debt mutual funds to hit retirees

On Thursday, finance minister Arun Jaitley gave investors and the mutual fund industry a jolt by increasing the long-term capital gains tax on debt mutual funds to 20% from 10%. The definition of long-term has also been changed to 36 months for non-equity MFs from 12 months.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved