RBI moves prop up rupee from its lifetime low

The Reserve Bank of India (RBI) tried to calm the nerves of foreign exchange market participants jittery over a depreciating rupee, which hit a new low on Tuesday. The rupee closed at 52.32 a dollar as compared to 52.15 yesterday after hitting a lifetime low of 52.73 intra-day on sustained demand from importers, mainly oil refiners. The rupee has depreciated nearly 17 per cent from a 2011 high reached in late July.

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