MUMBAI (Commodity Online): The rupee has fallen to an all-time low of Rs 53.75 to a dollar that would make imports costlier amidst gloomy outlook for exports due to the Eurozone debt crisis.
The Reserve Bank of India’s Reference Rate for the US dollar is '53.5770 and the Reference Rate for Euro is '69.8925 on December 14, 2011. The corresponding rates for the previous day (December 13, 2011) were '53.4030 and '70.4435 respectively.
The rupee has now fallen nearly 19 percent from the 52-week high in July.
Industry now hopes the Reserve Bank of India (RBI) will intervene to arrest any further decline in the value of the partially-convertible currency like it did in September and October, even as experts predicted a further fall to 55 to a dollar.The central bank had sold $845 million and $943 million in September and October respectively to support the currency, according to data available with the RBI.
The central bank had sold $845 million and $943 million in September and October.
Commodity imports would become costlier and the major impact would be felt in the case of crude oil which would put pressure on oil marketing companies to raise prices for petroleum products.
