| Date: |
21-10-2011 |
| Subject: |
Rupee Down 27 Paise At Fresh 28-Month Low Against Dollar |
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MUMBAI: The Indian rupee plummeted by 27 paise to a fresh 28-month low of Rs 50.07 per US dollar in early trade on the Interbank Foreign Exchange today as the American currency firmed up against its Asian rivals amid a lower opening in the domestic equity market.
Dealers attributed the rupee's fall to a level last seen in May, 2009, to the dollar strengthening against other Asian currencies overseas and a lower opening in the equity market.
They said strong demand from importers and some banks also put pressure on the Indian rupee.
Yesterday, the rupee had plunged by 65 paise to close at a nearly 28-month low of Rs 49.80/81 against the American currency.
Meanwhile, the Bombay Stock Exchange benchmark Sensex was down by 44.49 points, or 0.26 per cent, at 16,892.40 in opening trade today.
Source : economictimes.indiatimes.com
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