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05-03-2012, 11:32 AM #1
Rupee hits 53 mark, falls to four-month low vs dollar
The rupee on Wednesday fell below the 53 mark intra-day before closing at nearly four-month low of 52.96/97, down by 23 paise against the US currency, due to firm dollar demand and fears of more capital outflows .
Strong dollar overseas and expectations of more capital outflows in the wake of uncertain local equities weighed on the rupee, a dealer said.
At the Interbank Foreign Exchange (Forex) market, the domestic unit touched a high of 52.55 in early trade on firm local stocks and dollar selling by exporters.
However, the rupee soon started losing and immediately fell to below 53-level of 53.03 on weakness in equities amid firm dollar overseas.
Dollar demand from importers also kept the rupee under pressure. It later ended at 52.96/97, a net fall of 0.44 per cent.