Rupee extends fall as FM fails to announce concrete measures

Reacts as no clear policy decisions announced

The rupee extended fall on Thursday following comments from the finance minister as he failed to announce any clear and strong measures to arrest the sharp decline in the rupee seen in recent weeks.

After strengthening 70 paise yesterday, it weakend again in early trade. It is currently trading at Rs 58.43 per dollar at 12 noon.  

It had touched day's low of 58.56 during the trade.

Moses Harding, head, asset liabilty committee said, "Market was expecting some action from the governement on the policy front, which has not yet happened and rupee has reacted."

"He speaks about concerns, the market is already concerned and so far there are no definite plans or decisions," said Hari Chandramgethen, head of foreign exchange trading at South Indian Bank.