Rupee hits all time low at 53.71 Vs dollarRajasthan

15 December 2011: The rupee, on 14 December 2011, touched a fresh all-time low of 53.71/72 against the dollar, amid continuing capital outflows and further appreciation of the US currency against its major rivals, particularly euro.

After slipping to sub-53 level yesterday, the local currency further plunged to 53.54/55 per dollar in the opening trade at the Interbank Foreign Exchange. It even inched closer to 54-level intra-day, as it dropped to 53.88 at one point. The local currency finally settled at 53.71/72 a dollar, a loss of 48 paise or 0.90 per cent. The persistent dollar demand from banks and importers amid a continued pullout of capital by foreign funds weighed against the rupee. The rupee has come under severe pressure, amid strong signs of slowdown in economic growth, a contraction in industrial output, rising fiscal deficit and current account deficit.

Source: Business standard