Rupee in free fall, slips below 57 against dollar

The Indian rupee fell to a new record low against the dollar on Friday, breaching the 57 rupee mark for the first time, as global uncertainty pushed investors to the safe-haven US currency.

The Indian rupee fell to a new record low against the dollar on Friday, breaching the 57 rupee mark for the first time, as global uncertainty pushed investors to the safe-haven US currency.

The Indian unit, which has depreciated more than 10% since the start of April, fell to a record low of 57.25 during the day's trading, against the previous low of 56.55 a day earlier. Meanwhile, Oil Secretary Girish Chandra Chaturvedi said today RBI has asked oil companies to buy 50 per cent of their dollar demand from PSU banks.

The rupee has been one of the hardest-hit currencies in Asia, reflecting investor concerns about India's economy, which suffers from high inflation and slowing growth.

The economy grew just 5.3% in January to March, its slowest quarterly expansion in nine years.

(With agency inputs)