Greece political instability seems to have taken toll on the Indian rupee feel experts. The fundamental reason for the rupee trading at its lowest ebb on Wednesday, as it lost 70 paise from Tuesday’s close. The record lowest of the rupee, has beaten its earlier figures of 54.3 and has reached unknown ravines.

This simply means that the imported items shall cost more including fuels. And for those of you planning abroad the budgets need to be worked once again, as more rupees must be shelled out per dollar. Adding to the calamity even the Euro seems to weaken against the dollar, eventually bringing down all Asian currencies say analysts.

Subsequently Reserve Bank of India waged a lost war to upkeep the national currency within earlier support6 levels. However the effort was futile and lost 70 paise from Tuesday’s closure. Analysts also blamed the government for its inability to lure funds inflow or firm policies to control deficit.

Analysts also feel that the rupee rallied better when the Finance Minister Pranab Mukhrerjee announced that the UPA government was planning on austere steps to overcome the crisis. But after no policies announced from the Ministry in doling out the nation from the economy crisis, the market fell flat.

The consolation as the market trembles were quoted by a prominent economist and banker in TOI. "This is not unique to India, we are part of a global economy," said K R Kamath, chairman, Punjab National Bank. (With Inputs from Internet- Aarkay)