Rupee slides to record low of 50.15 per USD

Mumbai, Oct 24 (UNI) Rupee today slid, for the first time, to a record low of 50.15 per US dollar, with a huge loss of 23 paise against its previous day's close of 49.82, on fresh speculative demand for dollar from foreign banks and others.

The partially-convertible rupee fluctuated in a narrow range between 49.87 and 50.15 per dollar in the intra-day trade.

Dealers said Rupee opened at the record low of 50.15 per dollar, weighed down by heavy falls in Asian stocks, but soon retraced some losses aided by heavy RBI intervention.

The central bank is likely to sell dollars via state-run banks to help the rupee recover from the historic low, dealers added.

UNI NV/AR RN AW1130