Rupee at 62 against dollar: Why RBI measures aren't working

The rupee dropped to a historic low of 62.00 per dollar in late morning trade today on good demand for the US currency from banks and importers in view of sharp fall in equity market. As a result the Indian benchmark BSE-30 share index, Sensex, dropped sharply by 438.81 points or 2.27 per cent while quoting 18,928.78 at 1045 hours.

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The intensity of the fall is surprising but the fall in itself was not surprising, says Sanjay Dutt of Quantum Securities. "Some of the measures taken by the RBI etc, haven't seemed to have gone down well with the market participants who feel they are very inward looking and retrograde in a manner," he told CNBC-TV18.

In global market, the US dollar see-sawed against major rivals in the early trade, in line for further volatility as the week wraps up with more data to fuel Federal Reserve consideration of tapering monetary stimulus. "I don't think that there would be any negative impact on the Indian market and on most of the emerging markets from a global fund flow perspective. What's more worrying people right now is the policy action and execution perspective in markets like India," Dutt says.

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