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The partially convertible rupee closed at 66.24/25 per dollar after hitting a record low of 66.30, and down 2.9 per cent from its close of 64.30/31 on Monday.
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The partially convertible rupee dropped to a record low of 64.13 per dollar on Tuesday and was trading at 63.38/42 on Wednesday, weaker than its close of 63.25/26.
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The 10-year yield was last at 9.27 per cent, up 4 basis points on the day, tracking the rupee recovery.
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The rupee tumbled past 63.00 to the dollar, down about 2 per cent on the day and breaching the previous low of 62.03 hit on Friday despite a spate of measures in recent weeks by the central bank and government to defend it.
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The Reserve Bank of India late on Wednesday unveiled rules to restrict how much its citizens and companies can invest abroad and announced additional curbs on gold imports.
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The government on Tuesday announced hikes in import duties for gold and silver, but it has yet to unveil other details such as its plan to tax imports of non-essential items.
In January, India allowed fuel retailers to raise the price of subsidised diesel every month and asked bulk buyers to pay market rates.
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Analysts worry that without more fundamental reforms, India will struggle to contain its record high current account deficit and hence support the rupee.
Chidambaram on Monday sought to soothe nerves about its external finances by promising to contain the current account deficit at 3.8 percent of gross domestic product this fiscal year with a slew of measures including easing rules for raising loans abroad.
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The worst performing Asian currency of the year so far hit a new life low of 61.80 rupees per dollar on Tuesday, breezing past a previous low of 61.21 hit on July 8. Central bank intervention helped the rupee recover, but by Wednesday it was sliding once again, to stand around 61.41 by 1.30 p.m.
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The rupee resumed lower at 61.15 per dollar as against the last closing level of 60.77 per dollar yesterday at the Interbank Foreign Exchange (Forex) Market and dropped further to 61.44 per dollar before quoting at 61.40 per dollar at 1045 hours.
The rupee had dipped by a massive 67 paise to an all-time closing low of 61.10 against the dollar on Friday.
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Subbarao also said credible fiscal consolidation is a pre-condition for stabilising inflation and in securing non-inflationary growth.
The rupee fell on Monday on fears of foreign outflows after stronger-than-expected US jobs growth data cemented expectations of an early end to US stimulus measures.
The intervention was spotted when the rupee hit 59.90 to the dollar or below
SEBI has raised the investment limits for foreign investors.
Traders said the rupee was also supported by speculation that May wholesale inflation due this week may show continued easing.
Can the Indian hedge fund managers convince the wealthy to take up the expensive investment strategy?
Shares were also buoyed by positive global sentiment on hopes major central banks will ease monetary policy further or continue to keep it loose for long.
While the country imposed limits, it also eased and simplified other restriction to attract foreign inflows. This is done to plug record current account deficit.
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