Rupee Hits New Low against U.S. Dollar

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.