The Indian rupee fell steeply against the dollar in early trade this morning, reported NDTV Profit. At the time of closing trade on Tuesday, the rupee had closed at 59.66/67 per dollar. On June 20, the rupee had hit a new all-time low of 59.98 against the dollar.
Experts suggested that the rupee may bounce back if it consistently closes below 59.30 for a few says. Expectations that the RBI would intervene have thus far prevented the rupee from falling too much.
Forecasts for the rupee suggest that it will strengthen to around 59 per dollar in the next few weeks.