Glim news coming in from the economy front. Rupee has breached another all-time-low by hitting 62 against the dollar. As compared to its closing on 61.43 on wednesday. Rupee slided further by 1% to go down to 62.03 against the dollar. It recovered later.
Amid strong dollar demand from foreign funds the RBI measures to curtail the down slide were ineffective.
There are worries about a rollback of U.S. monetary stimulus, which could lead to a sharp exodus of funds from the country. This is creating difficulties in financing the record current
account deficit.
This panicked stock markets and led to Sensex tanking by over 700 points. The bloodbath at the markets was led by banks with the banking index crashing by 23 percent.
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