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Rupee touches record low of 56.50 against USD
AGENCIES | Mumbai, May 31, 2012 10:46
Tags : Rupee depreciation | Dollar | Eurozone crisis | Reserv Bank of India | Stock Market |
Tags : Rupee depreciation | Dollar | Eurozone crisis | Reserv Bank of India | Stock Market |
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Touching all-time low of Rs 56.50 against the US dollar, the rupee tumbled by 26 paise in early trade on Thursday due to increased capital outflows and strong demand from importer for the American currency.
Traders said apart from capital outflows by foreign funds, strengthening of dollar against the euro, which plunged to a two-year low on continued euro-zone worries and strong month-end demand from importers, particularly oil refiners, mainly put pressure on the rupee.
On Wednesday, the rupee had lost 57 paise to close at record low of 56.24 despite RBI's efforts to prop it up.
Meanwhile, the BSE benchmark Sensex plunged over 148 points, or 0.91 per cent, to 16,164.00 in early trade on Thursday.
Issue Dated: Feb 5, 2017
