Mumbai: Indian stock market slipped below the trillion-dollar level in terms of total valuation of all listed companies on Tuesday morning, as downward pressure continued on rupees and share prices. The rupee resumed lower at 61.05 per dollar as against the last closing level of 60.88 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to an all-time record low of 61.70 per dollar.
The Indian rupee dropped to an all-time record low of 61.70 per dollar in mid-session trade on fresh dollar demand from banks and importers amid weakness of dollar in the overseas market and fall in the equity market. The intra-day lowest of 61.21 was recorded on July 8, 2013.Fresh dollar demand from banks and importers in view of fall in the equity market mainly affected the rupee value against the dollar, a. The Indian benchmark sensex dropped by 256 points at 18,926.
In New York, the dollar fell broadly yesterday as a better-than-expected reading on activity in the US service sector failed to overcome last week’s below-consensus report on job growth in the US and its implications for a slowing of Federal Reserve stimulus.
Bureau Report
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