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Indian Rupee hits all time low of 50.50/USD
Mumbai, Nov 20: On Thursday, Nov 20 Indian Rupee opened at a record low of 50.50 per dollar as a sharp fall in Asian share prices raised worries of foreigners cutting local equity holdings and repatriating the funds.
At 9:01 am (IST), the partially convertible rupee was at 50.45/47 per dollar. Its previous record low was 50.29, which was hit in late Oct. It had closed at 50.02/03 on Wednesday, Nov 19. The rupee had earlier breached the psychologically crucial level of Rs 50 per dollar on Oct 27, but later recovered during the day to close at 49.95 per dollar. Indian currency has depreciated by 27 per cent from Rs 39.42 per dollar since Jan 1.
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Story first published: Thursday, November 20, 2008, 11:26 [IST]
