Rupee hits new low against Dollar

Customary month-end Dollar demand amid strained supplies from FIIs made the Rupee fall to a new 22-month low.

After an overnight brief rally, the Rupee on Wednesday succumbed to customary month-end Dollar demand and hit a new 22-month low of Rs 46.40/41 per Dollar.

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In slightly nervous trade at the Interbank Foreign Exchange market, the Rupee opened weak at Rs 46.37/39 per Dollar and slipped to Rs 46.40/41, sharply lower from Tuesday's close of Rs 46.35/36 per dollar.

Usual month-end Dollar demand amid strained supplies from FIIs, coupled with a rebounding Dollar overseas, exerted renewed pressure on the Rupee.

Foreign Institutional Investors (FIIs) sold shares worth US $44.60 million in the equity markets on June 22 and another US $14.90 million on June 23. FII outflows amounted to Us $ 5.90 million on June 26.