Rupee at a record low, down 38 paise against dollar

The Indian rupee depreciated by another 38 paise against US$ in early trade on increased capital outflows and strong demand for the US currency from importers amid weakening equity markets.

The Indian rupee on Thursday depreciated by another 38 paise against US$ in early trade on increased capital outflows and strong demand for the US currency from importers amid weakening equity markets.

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At the Interbank Foreign Exchange (forex) market, the domestic unit, which fell by 35 paise on Wednesday to close at record low of 50.02/03 on Wednesday, fell by 38 paisa at a new low of 50.40 against the greenback in early trade.

Forex dealers said the domestic currency continued to remain under pressure in line with the weakening trends on the domestic bourses.

They said even selling of dollars by banks also failed to check weakness in the rupee's value.

Meanwhile, the Indian benchmark BSE Sensex fell by over 163.42 points at 8,773.78.59 points on Wednesday.