Extending its losses to sixth day in a row, the Indian rupee on Monday hit a new life-time low of 51.81/82 against the American currency in morning trade due to continued capital outflows amid dollar demand.
Extending its losses to sixth day in a row, the Indian rupee on Monday hit a new life-time low of 51.81/82 against the American currency in morning trade due to continued capital outflows amid dollar demand.
The domestic currency resumed sharply lower at 51.50/55 a dollar against its last weekend's close of 51.12/14 a dollar and later tumbled to an all-time trading low of 51.81/82 a dollar before being quoted at 51.67/68 a dollar at 1030 hrs.
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Dealers at the Interbank Foreign Exchange market (forex) said a sharp fall in local stocks raised fears of increased capital outflows from equity markets, which exerted pressure on the local currency.
They said there was some dollar demand as foreign banks, which reportedly were buying the greenback here and selling in non-deliverable forwards were taking the benefit of stronger dollar in overseas markets.
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