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Rupee slips to 62.45 to a new record low

The RBI steps included curbs on domestic firms investing abroad and on outward remittances by individuals

August 19, 2013 9:11 IST | India Infoline News Service
The Indian currency is trading at 62.45 against the US dollar today, despite RBI (Reserve Bank of India) having imposed curbs to prevent the outflow of dollars.

The rupee fell to a new low of 62.03 on Friday on rumours the RBI could tax FII outflows as part of measures to ease pressure on the rupee, already threatened by increasing oil prices and US treasury yields.

The RBI steps included curbs on domestic firms investing abroad and on outward remittances by individuals.

The central bank also reduced the limit for overseas direct investment (ODI) by domestic companies, other than oil PSUs, under the automatic route from 400% of net worth to 100%.

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