Rupee at record low, Gold up, stock market down
August 16, 2013
New Delhi, 16 August 2013
The rupee on Friday dropped to an all-time low of 62 against dollar leading to a sharp selloff in stock markets. On the other hand the Sensex plunged over 500 points, while the 50-share Nifty benchmark traded below the key 5,600 levels.
The Reserve Bank on Wednesday reduced the limit for overseas direct investment (ODI) by domestic companies, other than oil PSUs, under the automatic route from 400 per cent of net worth to 100 per cent to curb forex outflow. Oil India and ONGC Videsh are exempt from this limitation.
The rupee had lost 24 paise to close at an all-time low of 61.43 against the US currency in the previous session on Wednesday after July inflation rose to a five-month high. Forex market remained closed yesterday on account of Independence Day.
Meanwhile, the BSE benchmark index Sensex fell by 145.82 points, or 0.75 per cent, to 19,221.77 in early trade on Friday.
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