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Rupee hits record low of 58.35; further losses likely

Rupee hits record low of 58.35; further losses likely

Mumbai: Moving from bad to worse, the rupee on Tuesday fell by 19 paise to hit a new all-time low of 58.35 against the US dollar in early trade on the Interbank Foreign Exchange on heavy capital outflows amid high current account deficit.

Forex dealers said besides strong dollar’s demand from banks and importers, firming dollar against other currencies on the back of strong economic data, mainly put pressure on the domestic unit.

The rupee sank by a staggering 110 paise to close at its lifetime low of 58.16 against the dollar on Monday. The local unit has fell over nine per cent in the past six weeks.

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