Rupee tumbles to all-time low of 55.04

Mumbai: Spelling fresh trouble for the Indian economy, rupee today touched a new low of 55 to a dollar, losing 61 paise in a single day but RBI stayed away from shoring up the domestic currency.
As Finance Minister Pranab Mukherjee said yesterday that the Centre was not sitting idle and watching the situation, the market was expecting some steps from the government to control further damage to rupee.
At the Interbank Foreign Exchange (Forex) market, the domestic currency opened slightly lower at 54.45 a dollar from last weekend's close of 54.42 and immediately touched a high of 54.44.
However, it fell sharply at the fag-end of trading breaching the crucial 55-level and closed at 55.03, a fall of 61 paise or 1.12 per cent from its previous close.
Though rupee plunged to record low levels for the third day in a row, RBI was conspicuous by its absence in the forex market. Dealers, however,

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