Rupee hits fresh one-year low at 42.14/15 per USD

Mumbai, May 13: Rupee weakened further today hitting fresh one-year lows against the US Dollar on strong concern over slow growth pace in country's Industrial output.

After resuming the session on weak note at 42.14/15 against greenback, the partially convertible Indian currency extended the previous session's sharp fall as banks and oil companies continued to buy Dollars over concerns on a domestic slowdown, dealers said.

The local unit has fell 3.6 per cent against Dollar since May 2, 2008 and had weakened 6.5 per cent in this year, after rising more than 12 per cent in 2007, marketmen observed.

UNI