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Wednesday, June 20, 2012

Rupee hits life-time low against dollar

The rupee opened weak on Thursday morning at 56.35 to the dollar and touched a life-time low in morning trade.

It had closed at 56.15 on Wednesday evening.

The rupee has been testing new lows this week. Today, it touched a low of 56.48 before pulling back a bit and was trading at 56.39 to the dollar at 11.35 am.

The domestic unit has depreciated 25 per cent over the past year.

Three weeks ago, there were indications that policy tools would be used to keep the rupee close to Rs 53 to 54 to the dollar.

There have been a spate of bad news for the economy recently. Rating agency Fitch Ratings had yesterday cut its outlook to negative on top Indian banks and financial institutions.


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