Rupee tanks 52 paise to fresh all-time low of Rs 53.75 per USD

Mumbai, Dec 14: The Indian rupee tanked 52 paise to a record low of Rs 53.75 per US dollar in early trade today (Dec 14), a day after breaching the Rs 53 per dollar-mark, on increased demand for the American currency from banks and importers and sustained foreign capital outflows amid an economic slowdown.

Dollar gains against the euro and other currency rivals overseas amid the lingering euro zone debt crisis put pressure on the Indian rupee, forex dealers said. In addition, continued foreign capital outflows amid a slowdown of the domestic economy contributed to the weak rupee sentiment, they said.

Furthermore, increased demand for the US currency from importers and banks led to the fall in the rupee value in early trade, the forex dealers added. The domestic currency had depreciated by 39 paise to close at Rs 53.23/24 per dollar in the previous session after witnessing an all-time low of Rs 53.51 as the dollar strengthened in markets worldwide.

Meanwhile, the BSE benchmark Sensex recovered by 65.19 points, or 0.41 per cent, to 15,937.32 in opening trade today.

PTI