Friday, October 21, 2011

Rupee Vs Dollar Hits New 28 Month Low of 50.07


The Rupee plummeted by 27 paise to a fresh 28-month low of Rs 50.07 per US dollar in early trade at the Interbank Foreign Exchange today as the American currency firmed up against its Asian rivals amid a lower opening in the domestic equity market.

Dealers attributed the rupee’s fall to a level last seen in May 2009, to the strengthening of dollar against other Asian currencies overseas and a lower opening in the equity market. They said strong demand from importers and some banks also put pressure on the rupee.

Yesterday, the domestic unit had plunged by 65 paise to close at a nearly 28-month low of Rs 49.80/81 against the American currency.

Meanwhile, the Bombay Stock Exchange benchmark Sensex was down 44.49 points or 0.26 per cent at 16,892.40 in the opening trade today.

Source: thehindubusinessline.com

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