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Rupee falls by 25 paise to hit fresh low of Rs50.53

Rupee falls by 25 paise to hit fresh low of Rs50.53
PTI
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First Published: Tue, Dec 02 2008. 10 25 AM IST
Updated: Tue, Dec 02 2008. 10 25 AM IST
Mumbai: The rupee on Tuesday fell by 25 paise against the US dollar to a fresh low of Rs50.53/54 in the opening trade at the Interbank Foreign Exchange market on increased demand for the greenback amid melting stock markets.
Dealers said increased demand for the US currency and expectation of further fall in domestic equity markets after the overnight heavy losses in the US stocks weighed on the rupee sentiments.
In New York, the Dow Jones Industrial Average plunged 7.70% to close at 8,149.09 points.
Asian markets, following the US stocks, fell in range of 2-5% in the early trade on Tuesday, raising fears of capital outflows from the domestic market, dealers added.
On Monday, the rupee had closed lower by 21 paise at Rs50.28/29 against the US dollar.
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First Published: Tue, Dec 02 2008. 10 25 AM IST
More Topics: Rupee | US | Dollar | Indian Markets | Financial Crisis |