Rupee hits a record low of 56.50 against dollar

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rupee_dollarMay 31, Mumbai: The Indian rupee hit a record low of 56.50 to the dollar in its opening trade today on global worries with deepened Euro zone crisis.

The rupee declined against the greenback in morning trade on Wednesday. Rupee was down by 0.16 paise or 0.28% against USD to Rs 56.41 (09.22 am).

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.

At the Interbank Foreign Exchange (Forex) market, the domestic unit was at 56.50 per dollar as against its yesterday’s close of Rs 56.24.

The growing concern over Euro Region with up-coming Greece re-election and rejection of the Bankia’s (fourth biggest lender in Spain) bailout application by the ECB continue to make the investors worried about the global markets.

News Gathered by India News

Posted by on Thursday, May 31st, 2012. Filed under About India, Business, India News, Mumbai, World. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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