MUMBAI: Falling for the fourth-day on Thursday, the rupee tumbled to new record low of 56.57 against the US dollar on increased capital outflows from equity markets and rising demand from importers amid the US Fed indicating weak growth prospects for the American economy.
After a weak start at 56.40, the rupee dropped 42 paise to hit new low of 56.57 per dollar at 1323 hours -- minutes after it had touched the 56.55 level for the first time -- surpassing its previous record low of 56.52 set on May 31. The rupee has lost 75 paise in last three sessions.
The US Federal Reserve launched new economic stimulus measures yesterday to tackle weak jobs growth, and predicted a slower output expansion amid the continuing debt crisis in Europe, especially in some euro-zone nations.
0 comments:
Post a Comment