Rupee falls to six month low

May 23, 2013 16:58
Rupee falls to six month low

The rupee experienced a sharp fall of 37 paise to trade at a fresh six-month low of 55.83 in early trade at the Interbank Foreign Exchange market on sustained dollar demand and strengthening of the US currency overseas.

The sharp decline can be attributed to dollar's gains against euro and other currencies in the overseas markets, sustained dollar demand from importers and some banks and a lower opening in the stock market put pressure on the domestic currency, according to the forex dealers.

On Wednesday, the rupee had lost five paise to close at 55.46, its lowest closing since November 27, 2012.

Meanwhile, the BSE benchmark Sensex fell by 84.54 points, or 0.42 per cent, to 19,977.70 in early trade on Thursday.

(AW- Anil)

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