Rupee hits new record low of 56.50 against dollar

May 31, 2012 09:39

In other news: The rupee today tumbled by 26 paise to trade at a new all-time low of Rs 56.50 against the US dollar in early trade on increased capital outflows and strong demand from importers 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. Yesterday, the rupee had lost 57 paise to close at record low of 56.24 despite RBI's efforts to prop it up.

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