The rupee tumbles - Livemint

The expression 'historic low' has stopped being meaningful in describing the sharp descent of the rupee. The currency's weakness in the past year or so is well known. The fiscal deficit and the trade gap, combined with a gold-buying binge by Indians, has put the rupee under sustained pressure. Part of the fall is certainly deserved and will help balance the Indian economy. But its recent fall—the rupee briefly touched 58.99 to a dollar on Tuesday—has much to do with global monetary gyrations. Investors are anxious about the possible monetary tightening by the US Federal Reserve. Whether that happens will only be known on 19 June. For these reasons, chief economic adviser Raghuram Rajan has said the rupee's weakness is temporary. The day was saved by the Reserve Bank of India when it intervened and prevented the currency's slide below the psychological barrier of 59 to a dollar. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEf6qQTaLZY9In-C2WH20l1bd2KCw&url=http://www.livemint.com/Opinion/T8kxNTGzrgF2iuL3nTUezL/The-rupee-tumbles.html

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