Rupee ends at 64.02 against US dollar; breaches 101 level against pound
Moneylife Digital Team 21 August 2013

The British pound has become the first major foreign currency to cost more than 100 rupees apiece

The Indian rupee closed Wednesday at 64.02 against the US dollar, while breaching the 101 lever against the British pound as foreign investors continued to unwind their investments from the stock markets.

 

After opening at 63.45, the domestic currency moved in a range of 64.53-63.15 intra-day before closing at 64.02 against the US dollar. The rupee had closed at 63.23 on Tuesday.

 

Losing its ground further, the Indian currency also hit a new low against the British pound and breached the 101-level in the afternoon trade.

 

After crossing the 100-level for the first time ever against the British pound in intra-day trade yesterday, the rupee had managed to close marginally below this mark at 99.04 against the pound.

 

However, it slipped further to as low as 101.20 this afternoon at the Interbank Foreign Exchange (Forex) market.

 

The rupee has depreciated by around 22% against the British pound over the past three months from close to 83 level in mid-May. It was at about 80 in March.

 

The pound has become the first major foreign currency to cost more than 100 apiece. It is the most expensive against the Indian rupee among major foreign currencies, followed by the euro, Swiss franc, US dollar, Canadian dollar, Australian dollar, New Zealand dollar and Singapore dollar.

Comments
Abhijit Gosavi
8 years ago
Judging by what you can buy (due to the inflation) with a rupee in India, according to many ground sources, a fair poverty line in India is about Rs 100/day. If you compare that to the dollar, where the poverty line is set at $1.25 per day, the rupee should go to $1.25 = Rs. 100, i.e., $1 = Rs. 80. #rupee
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