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05-22-2012, 11:28 PM #1
Rupee hits new low of 55.47 against dollarContinuing its free-fall for the fifth day in a row, rupee set a new low of 55.47 before ending at 55.39 against the dollar on relentless demand for the American currency from importers, especially oil refiners, even as foreign fund flows remained muted.
At the Interbank Foreign Exchange (Forex) market, the domestic unit opened sharply higher at 54.60 per dollar from its last close of 55.03 on initial surge in stocks.
But soon dollar demand overshadowed the rupee sentiment even as other Asian currencies rose for a second day despite rating agency Fitch downgrading Japanís sovereign rating by one notch to A+ with a negative outlook.
Strong dollar demand from importers pulled rupee down to a low of 55.47. The domestic currency, which has lost over 11 per cent since March this year, today finally closed at 55.39, showing a fall of 0.65 per cent or 36 paise.
Forex dealers said for the second day in a row, there was no RBI role today despite rupee touching new lows. They said capital inflows, the major driver behind rupeeís appreciation, were absent in view of the global worries.
Data shows FIIs sold stocks worth Rs 283 crore today.
Indian stocks benchmark Sensex closed 157 points lower....being a human...