Rupee hits record low vs dollar

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Rupee hits record low vs dollar

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The depreciation in local currency continued as it was traded at a record low on Wednesday.

07 December,2011 01:46 pm

The rupee was traded at 89.40/30 to the US dollar at 10 am in the local market, compared with Friday’s close of 88.96/89.00.The experts say that depreciation was because of pressure from import payments and a bleak outlook for the country’s economy.“The rupee was traded at 89.40 (to the dollar) and so far there has been one (import) payment of about $40 million to $45 million,” said a bank dealer.