Rupee tumbles to a record low of 56.57 against dollar
21 Jun 2012
The rupee hit a record low of 56.57 against the dollar as the Indian currency continued its downward journey for a fourth consecutive day today amidst increased capital outflows from equity markets and rising dollar demand from importers.
The rupee is now past the earlier trough of 56.52 a dollar, hit on 31 May on the interbank foreign exchange market.
After a weak start at 56.40 the rupee was further down at 56.57 per dollar at 1323 hrs, surpassing its previous record low of 56.52 a dollar set on 31 May.
The rupee has lost 75 paise over the last three sessions.
Call rates on the inter-bank short-term money market opened higher at 8.25 per cent, up from Wednesday's close of 8.10 per cent and was hovering around 8.20 per cent in afternoon trade.
The 8.79 per cent 2021 government bond was trading higher at Rs102.85, at a yield of 8.34 per cent. The bond rates had closed at Rs102.56 yesterday, showing a yield of 8.39 per cent.
