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Rupee Hits New Low against U.S. Dollar

  • By PTI

  • May 21, 2012
  • MUMBAI, India

    The rupee on Monday tumbled to an all-time low of 55.04 against the U.S. dollar on increased demand for the American currency from banks and importers.

    The local unit resumed lower at 54.70 a dollar at the Interbank Foreign Exchange Market and plunged to a new all-time low of 55.04 against the U.S. dollar at 1655 hours.

    Forex dealers said fresh dollar demand from banks and particularly, month-end demand from oil importers despite weakness of the dollar in the overseas market pulled down the rupee.

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