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Rupee falls to 57.08 to dollar, RBI intervention watched

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The Indian rupee, which opened marginally higher on Tuesday, fell below the 57-level against the US dollar for the third time. Traders said any RBI intervention will be closely watched if the rupee continues its downward trajectory towards its record low of 57.32 hit on Friday.

At 9:55, dated 26-06-12 the rupee was at 57.06 to the dollar, 5 paise or 0.09 per cent lower than Monday’s close of 57.01. It had earlier touched a day’s high of 56.90 to the dollar.

The rupee had soared over one per cent on Monday in anticipation of strong measures from the RBI and government to boost the rupee and economy. However, it trimmed more than half its gains to end above the 57-mark after RBI announced that it would hike investment limits in government bonds, disappointing investors who had expected bolder measures

The rupee had hit a new lifetime low of 57.33 to the dollar in afternoon trade on Friday after risk assets were hit by heightened concerns about the world economy. Broad gains in the dollar versus major currencies on the back of global risk aversion and weakness in domestic shares too weighed on the rupee. Dollar buying from oil firms and gold importers added to the downward pressure, traders said.

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