Rupee slumps to record low, falls below 60 versus dollar

The rupee slumped to a record low on Wednesday, breaching the key psychological level of 60 to the dollar, on the back of end-of-month dollar demand from domestic importers and falls in most emerging Asian currencies.

The slump came even after the Reserve Bank of India made an attempt to defend the currency before the rupee hit the 60 level.

The rupee was trading around 60.50 to the dollar at 4:33 p.m., having hit a record low of 60.64. The currency closed Tuesday at 59.67/68.

The falls in the rupee led to a slump in bond prices, with the 10-year bond yield up 4 basis points to 7.54 per cent from the previous close.

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