Rupee hit record low

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Rupee hit record low

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Rupee hit a record low of 86.85 against US dollar on Thursday.

18 August,2011 09:47 pm

Rupee fell to a record low because of negative sentiment surrounding the countrys economic outlook, and strong dollar demand for oil import payments amid soft inflows.According to dealers, they expect the local unit to stay under pressure for now, as dollar payments are typically higher in July and August because of stronger oil demand and debt payments.The rupee closed at 86.80/85 to the dollar its weakest ever closing down from 86.64/70 on Wednesday.