Mumbai: The rupee fell to 58.91 against a dollar yesterday, fractionally less than the record low of 58.98 hit last week, on concerns that the US Federal Reserve might signal cutting back on stimulus that will strengthen the greenback further.
The partially convertible rupee opened weak at 58.82 against a dollar after hitting a record closing low of 58.77 in the previous day. The rupee hit a low of 58.91 and high of 58.60 in the intra-day. The currency was trading at 58.74 around 2pm Indian Standard Time (IST).
The currency has lost nearly six percent of its value in the past one month, due to lingering worries over the country’s current account deficit. The rupee hit the lowest so far of 58.98 against a dollar June 11.
IANS
