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Rupee reaches new low at 65.93 vs dollar

Rupee today reached a new low at 65.93 against dollar breaking the past record of 65.56 last week. Rupee dropped again on concerns over the subsidy burden following the passage of food security bill on Monday by Lok Sabha. The new food security bill will cost INR 1.3 crore to the exchequer. 
 
Sensex also crashed over 500 points. 
 
Meanwhile, Finance Minister Chidambaram said government will stick to the fiscal deficit limit target set earlier. He said this while announcing the approval of power and infrastructure projects worth INR 183,000 crore.  
 
“After providing for the food security bill, we will remain within the limit I have set for myself in the budget,” Chidambaram told reporters at a press conference in the capital.
 
However, his comments failed to impress market sentiments. 
 
 
Posted by Robin
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