 "Investors panic as rupee falls to new life-time low of 56. 47")
The rupee fell to a record low in opening trade on Thursday as risk aversion deepened over continued euro zone worries, setting up expectations about potential intervention from the Reserve Bank of India
At 9:00 a.m., the partially convertible rupee was at 56.47/50 per dollar, falling below its previous record low of 56.40 hit last week.
The rupee closed at 56.23/24 on Wednesday. However, for sectors such as IT, pharma, metals and utilities that gain from the currency depreciation, this is welcome news. According to brokerage house Citi, depreciation gains from the rupee can offset the balance sheet pains of such companies n form of overseas debt exposures. “Citi expects the rupee to be at 54.8 in March 2013. It has a December 2012 Sensex target of 18,400, with an earnings per share growth of 13% at Rs1,270,” DNA reported today.
Reuters
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