Within 24 hours of Prime Minister Manmohan Singh’s Independence Day speech, which did not mention Rupee, domestic currency again weakened to a record low of 62.03 per dollar due to the fear of money flowing back into the US economy.
Rupee finally closed weak at 61.65 per dollar. Experts believe that the currency recovered because RBI sold dollar through public banks at 61.85 per dollar levels. Gold surged by Rs 1,310 per 10 grams, the highest in two years, to Rs 31,010. The same heavy buying was seen in Silver which shot up by Rs 3,270 to Rs 49,320 per kg.