India rupee hits new record low against US dollar
Published on Jun 11, 2013 1:32 PM
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.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here