Saturday, May 23, 2015Saturday, May 23, 2015

India's rupee hits record low against the dollar

Published on Jun 10, 2013 1:57 PM

MUMBAI (AFP) - India's rupee hit a record low of 57.54 against the dollar on Monday on growing demand for dollars among oil importers, while the greenback was also boosted by upbeat US jobs data.

The partially convertible rupee hit its previous low of 57.32 against the dollar on June 28 last year. On Monday, it fell to a new record low before trading up slightly at 57.49 later in the morning.

The fall is the latest blow to the damaged growth story of India, Asia's third-largest economy, which has been beset by sharply slower growth, worsening public finances and political turmoil.

The rupee depreciated 7 per cent against the dollar in May, similar to other Asian currencies.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!