R slide continues, hits 53.7/$

The rupee-dollar equation plumbed new depths on Wednesday, touching an intra-day low of Rs 53.75 to a dollar before settling at Rs 53.71. This is the third succesive day that the rupee has hit a new all-time low vis-à-vis the dollar.

The rupee-dollar equation plumbed new depths on Wednesday, touching an intra-day low of Rs 53.75 to a dollar before settling at Rs 53.71. This is the third succesive day that the rupee has hit a new all-time low vis-à-vis the dollar.

Rupee-versus-dollar

“The inflow of dollars is limited and import bills are going up – our imports are nearly double our exports. This 20% depreciation in the rupee is hurting the economy and nobody knows where it will stop,” said Raghvendra Nath, MD, Ladderup Wealth Management.