Rupee hits all-time low on global crisis

Rupee hits all-time low on global crisis
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First Published: Fri, Oct 10 2008. 12 24 PM IST
Updated: Fri, Oct 10 2008. 12 24 PM IST
Mumbai: The Indian rupee fell to a record low past Rs49.07 per dollar on Friday as the spreading global financial crisis hurt sentiment in Asian stock markets, leading to concerns of a large outflow of foreign funds from India.
At 9:08am, the partially convertible rupee was at Rs49.10 per dollar according to Reuters data, compared with Wednesday’s close of Rs47.99/48.01 per dollar. The currency market was shut on Thursday due to a local holiday.
The previous all-time low was Rs49.07 hit in May 2002.
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First Published: Fri, Oct 10 2008. 12 24 PM IST