Friday, February 27, 2009

Rupee hits record low of 50.69 against US dollar

The Indian rupee on Friday depreciated to an all-time low of 50.69 against the US currency in early trade on continued capital outflow by foreign funds and increased dollar demand from importers.

At the Interbank Foreign Exchange (Forex) market, the domestic currency was quoted at 50.69 against the dollar, down 23 paise from its previous day's close.

The rupee yesterday depreciated by 52 paise to 49.46/47 against the greenback.

Dealers said concerns of capital outflows by funds and increased demand for dollar from importers caused the rupee to weaken.

They added, the dollar's gains against other major currencies also weighed on the domestic currency.

No comments: