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04-24-2012, 10:27 AM #1
Rupee hits new 3-month low, falls to 52.50
The Indian rupee ended at three and half month low to 52.50/51 against the American currency on good dollar demand from banks and importers on the back of higher dollar in the global market amidst sharp fall in equity markets.
The rupee resumed slightly lower at 52.09/10 per dollar as against the last weekend's level of 52.08/09 per dollar and dropped further 52.58 per dollar before ending at 52.50/51 per dollar, showing a net loss of 0.42 paise or 0.81 per cent from its last weekend's level. It had ended at 52.51/52 per dollar on January 9, 2012.
The domestic currency hovered in a range of 52.00 per dollar and 52.58 per dollar during the day.
Fresh dollar demand from banks and importers in view of higher dollar in the overseas market mainly affected the rupee value against the dollar, a forex dealer said.
The Indian benchmark Sensex dropped by 277 points or 1.60 per cent on Monday.