Rupee nears record low, hits 59.90 against dollar

The Indian rupee dropped sharply against the dollar in early trade on Wednesday. The partially convertible rupee traded at 59.89 against Tuesday's close at 59.66/67 per dollar.

The rupee had earlier hit a low of 59.90, which is close to the record low of 59.98 the Indian currency printed last week.

"There is no reason to believe that the dollar/rupee has topped out. If the pair closes below 59.30 for a couple of sessions consistently, we may see a bounceback in the rupee," Abhishek Goenka, chief executive at IndiaForex Advisors told Reuters.

The Indian rupee dropped sharply against the dollar in early trade on Wednesday. The partially convertible rupee traded at 59.89 against Tuesday's close at 59.66/67 per dollar.

The rupee had earlier hit a low of 59.90, which is close to the record low of 59.98 the Indian currency printed last week.

"There is no reason to believe that the dollar/rupee has topped out. If the pair closes below 59.30 for a couple of sessions consistently, we may see a bounceback in the rupee," Abhishek Goenka, chief executive at IndiaForex Advisors told Reuters.

Expectations the Reserve Bank of India will step in when the rupee approaches 60 to the dollar have prevented the rupee from falling too much after it touched an all-time low of 59.9850 on Thursday last week.
 

(With inputs from Reuters)