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Rupee falls below 52 against dollar
Monday November 21, 2011 05:26:55 PM,
IANS
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Mumbai: The value of
the Indian rupee Monday fell below 52 against the US dollar for
the first time in over two and a half years as demand for the
greenback by importers and investors rose amid a slump in the
stock markets.
The partially convertible rupee slumped 1.3 percent to touch a low
of 52.02 against the dollar, the lowest level since March 2009.
The India currency is now heading towards the all-time low of
52.19 against the dollar. The record low was touched in March
2009. The Indian currency has weakened almost 15 percent in the
last four months.
The increased demand of the dollar from importers, especially oil
importers, slump in equities markets and continued concerns over
inflationary pressure have led to the depreciation in the value of
the Indian currency.
The Indian equities markets 30-share benchmark Sensex fell 2.60
percent to close below the psychological resistance level of
16,000 points mark for the first time in over one and half months.
The depreciation in the value of the rupee will make imports
costlier and boost exports.
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