Rupee falls 61.36 against dollar

The Indian rupee opened sharply lower against the U.S. dollar weakening to 61.36 against Tuesday's close of 60.77 in early trades on Wednesday.  The partially convertible rupee traded at 61.24, down 47 paise or 0.77 per cent as of 09.27 a.m.

The rupee tracked some losses in regional share markets and currencies while dollar demand from domestic importers also weighed. Traders will however watch out for the central bank after it was seen intervening to prevent rupee losses in the previous session.

The rupee's fall today has dashed hopes of a quick recovery. Traders expected some gains in the currency today after a dramatic rebound yesterday.

The rupee had closed higher after hitting a record low yesterday after the Reserve Bank of India (RBI) intervened and the appointment of Raghuram Rajan as the new central bank governor raised hopes of a new approach to currency management.

Media reports the government was gearing up to announce new measures to attract foreign inflows, including potentially raising debt via state-run companies and banks, also helped the rupee recover.

The currency had hit a record low of 61.80 on Tuesday, surpassing the previous all-time low of 61.21 hit on July 8. The sharp plunge in the rupee also hit equities on Tuesday.

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