MUMBAI: The rupee fell below the key psychological level of 60 to the dollar to a three-week low on Tuesday, posting its biggest fall in a month, as the central bank kept interest rates on hold and failed to announce any additional steps to defend the currency.
The rupee has now erased all gains since the Reserve Bank of India first announced steps to defend the rupee by withdrawing cash on July 15, and is within sight of a record low of 61.21 hit early this month.
Analysts said those actions alone were unlikely to prevent more falls in the currency unless followed by additional steps from the central bank or by measures from the government to attract foreign inflows.
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