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India rupee hits new record low against US dollar

Published on Jun 11, 2013 1:32 PM
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India's rupee hit a record low of 57.37 against the dollar on June 10, 2013, on growing demand for dollars among oil importers, while the greenback was also boosted by upbeat US jobs data. India's rupee slid to a new lifetime low against the US dollar on Tuesday, tracking weakness in most other Asian currencies, as dealers continued to buy the greenback following robust US jobs data. -- PHOTO : AFP

MUMBAI (AFP) - India's rupee slid to a new lifetime low against the US dollar on Tuesday, tracking weakness in most other Asian currencies, as dealers continued to buy the greenback following robust US jobs data.

Growing concerns over slackening domestic growth and weak stock markets in India have also hurt the rupee, which began hitting lifetime lows on Monday for the first time in a year.

The partially-convertible Indian currency was at 58.59 to the US dollar on Tuesday, slipping from Monday's closing level of 58.15. The currency unit is well below its previous low of 57.32 rupees, hit on June 28 last year.

A scramble by oil and other importers to buy dollars to pay for imports in dollars has added pressure on the rupee, which depreciated seven percent against the US currency in May alone.

 
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