Rupee suffers worst day for almost 20 years

Michael Bow
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THE INDIAN rupee suffered its biggest one-day drop against other currencies in 18 years yesterday, falling 3.7 per cent against the dollar.

The currency fell to 68.8 to the dollar, pushing above 69 in trading through the afternoon, and hitting 107 to the pound at the same time.

In response, the Reserve Bank of India offered US currency to three nationalised oil companies, in an attempt to stem importers’ demand for dollars.