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Rupee dips 55 pts to new low of Rs49.85/dollar

Rupee dips 55 pts to new low of Rs49.85/dollar
PTI
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First Published: Thu, Oct 23 2008. 11 14 AM IST
Updated: Thu, Oct 23 2008. 11 14 AM IST
Mumbai: The Indian rupee continued its slide and hit a new record low of Rs49.85 against the US dollar in morning trade on Thursday on sustained buying in the greenback amid renewed fears of a global recession.
The Indian currency fell by 55 paise from its overnight close partly because of absence of any intervention by the central bank.
Asian equity markets fell to their four-year low this morning on fears that a global slowdown will adversely impact the corporates’ performance.
The dollar also hit a two year high against the basket of currencies in early trade in overseas markets.
In quiet trade at the Interbank Foreign Exchange (forex) market, the domestic currency resumed lower at Rs49.68/70 a dollar against its last close of 49.30/31 a dollar and fell further to a new intra-day low of Rs49.85 a dollar in late morning deals.
Forex dealers said foreign banks were continuously buying dollar amid speculation that rupee may breach 50-level against the dollar shortly.
Fears of increased capital outflows continued to weigh on the rupee sentiment.
Indian benchmark indices this morning tumbled to more than 28-month low of 9,681.28, a fall of over 488 points.
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First Published: Thu, Oct 23 2008. 11 14 AM IST