Rupee hits record low of 56.52 against the dollar
31 May 2012
The rupee continued its free-fall hitting a record low of 56.52 against the US dollar on the interbank foreign exchange market today, its worst fall in over a month.
The rupee opened weak at 56.50 and soon dipped further to a new low of 56.52 after the GDP data released today showed a sharp slowdown in domestic economic growth.
Exporters sold the US currency to book profits as global risk aversion deepened.
The rupee, however, ended the session higher, after what dealers said RBI imposing curbs on dollar buying by state-run oil firms.
RBI is reported to have asked oil firms to restrict purchases through four state-run banks and co-ordinate dollar purchases.
The Indian currency, Asia's worst performing unit, settled at 56.08/09, recovering 15 paise from its Wednesday's close of 56.23/24 against the US currency.
