Rupee falls by 25 paise to hit fresh low of 50.53 | business | Hindustan Times
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Rupee falls by 25 paise to hit fresh low of 50.53

business Updated: Dec 02, 2008 09:46 IST

PTI
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The rupee on Tuesday fell by 25 paise against the US dollar to a fresh low of 50.53/54 in the opening trade at the Interbank Foreign Exchange market on increased demand for the greenback amid melting stock markets.

Dealers said increased demand for the US currency and expectation of further fall in domestic equity markets after the overnight heavy losses in the US stocks weighed on the rupee sentiments.

In New York, the Dow Jones Industrial Average plunged 7.70 per cent to close at 8,149.09 points.

Asian markets, following the US stocks, fell in range of 2-5 per cent in the early trade today, raising fears of capital outflows from the domestic market, dealers added.

On Monday, the rupee had closed lower by 21 paise at 50.28/29 against the US dollar.