Rupee, gold tumble

Mumbai, Feb. 21 (PTI): The rupee today tanked 40 paise to end at 54.48, its weakest level in over a month, as the dollar spurted on speculation that the US Fed may withdraw its monetary stimulus sooner-than-expected triggering a global sell-off across asset classes.

The rupee resumed lower at 54.37 per dollar against the last closing level of 54.07 at the Interbank Foreign Exchange (Forex) Market. Tracking weak global stock markets and rising dollar demand, the rupee further fell to 54.60.

Despite FIIs pumping over $220 million in Indian stocks, according to provisional exchange data, the rupee failed to make a turnaround and closed at over a one-month low of 54.47, recording a loss of 40 paise, or 0.74 per cent.

The rupee had closed at 54.69 a dollar on January 16.

In terms of fall, today's rupee losses are the biggest since the 57-paise drop on January 4 to end above 55-mark.

Dollar demand from banks and importers during the day on the back of higher dollar in the overseas market affected the rupee value, a forex dealer said.

The dollar gained after minutes of the US Federal Reserve's last meeting that were disclosed yesterday showed many Fed officials were worried about the costs and risks associated with the $85 billion�per�month asset-purchase programme.

"The FOMC minutes gave signals that the Fed might end the quantitative easing round 3, which will be positive for the dollar index," said Abhishek Goenka, founder and CEO, India Forex Advisors.

Losing shine

Gold prices today fell below the Rs 30,000-level for the first time in seven months here because of hectic selling by stockists triggered by a global meltdown.

In New Delhi, the precious metal tumbled Rs 480 to Rs 29,720 per 10 grams, a level last seen on July 21, 2012. Gold had lost Rs 215 in last two days.

Pure gold slid Rs 645 per 10 gm to close at Rs 29,720 in the Calcutta bullion market from Tuesday's closing level of Rs 30,365 per 10 gram. Silver ready (.999 fineness) also fell Rs 2,200 per kg to finish at Rs 53,800 against Rs 56,000 on Tuesday.

Quiz: How well do you know India's economy?

Question 1

Which of these products is India the world's largest producer of?

Poll Choice Options
  • Wheat
  • Rice
  • Milk

Latest News

  • Why Herman Miller Should Have Decorated the Star Trek Set

    Watch one episode of the original Star Trek—heck, watch one minute of the show—and it's clear how much the 1960s Space Age aesthetic, one marked by Googie architecture and post-war car culture, inspired its set designers. Still, the midcentury... …

  • Motorola's New HQ Could Not Be Pinker or Sparklier

    Photo via Curbed Chicago Created by the Global Gensler firm—with maybe a few design pointers taken from some very girly middle schools—the extremely pretty new Motorola HQ is a vision of bright pink, sparkling neon signs, and quirky, interactive hangout... …

  • Catherine Deneuve Lists Resplendent French Chateau for $5.5M

    Click here to view the full photogallery. For the past few decades, when Catherine Deneuve wasn't hanging out with princes and spending time at her L.A. mansion (which, fun fact, later housed multiple ABBA members and a hippie cult),... …

  • Apple expands buybacks by $30 billion
    Apple expands buybacks by $30 billion

    Apple Inc (AAPL.O) has approved another $30 billion in share buybacks till the end of 2015 and authorized a rarely seen seven-for-one stock split, addressing calls to share more of its cash hoard while broadening the stock's appeal to individual investors. Activist investor Carl Icahn, who had famously called on the iPhone maker to boost its buyback program, tweeted his approval of the move on Wednesday. On Wednesday, Apple reported sales of 43.7 million iPhones in the quarter ended March, …

  • Eco-Friendly Prefab House Fits Together Like a 3D Puzzle

    In It's Not Easy Being Green, Curbed pulls back the curtain on cutting-edge, environmentally friendly design, from urban passive houses to green tweaks on suburban living. Have a suggestion for an upcoming column? Pass it along. Photo via Remodelista Despite... …


  • This might well be India’s biggest Ponzi scam

    It was just too good to be true. Ashok Khital, 45, displays every symptom of a man who knows he's been conned. …

  • India's star studded football league

    High and mighty including Sachin, Salman & Sun Group buy ISL teams …

  • Leaderspeak with Rajesh Janey

    Rajesh Janey, President - India & SAARC, EMC shares many firsts in his life. …

  • Power Hungry

    Gujarat has power round-the-clock. Most other states do not. Why this will matter in the general elections. …

  • Etcetera

    The most keenly watched contest of the current general election will be the one for the Varanasi parliamentary seat, where the Bharatiya Janata Party's prime ministerial hopeful Narendra Modi squares off ... …

  • Economy vs Democracy

    As the country gets election fever, cash comes out of mattresses and turns into liquor, gifts, and food. But it is not bad for the health of the economy, reports Sarika Malhotra from the trenches. …

  • Bracing for Challenges

    Raghuram Rajan is preparing to deal with concerns that may arise when a new government takes charge. …


  • Most Actives
    Most Actives
    NamePriceChange% Chg
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    Recent Quotes
    Symbol Price Change % ChgChart 
    Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
    You need to enable your browser cookies to view your most recent quotes.
  • Recent Quotes News

      Sign-in to view quotes in your portfolios.