Rupee hits fresh two-month low

November 06, 2012 10:34 am | Updated 10:36 am IST - Mumbai

A banker checks an Indian currency note in a forgery detection machine at a bank in Allahabad, India, Wednesday, May 16, 2012. The Indian rupee hit a record low of 54.46 against the dollar on Wednesday. (AP Photo/Rajesh Kumar Singh)

A banker checks an Indian currency note in a forgery detection machine at a bank in Allahabad, India, Wednesday, May 16, 2012. The Indian rupee hit a record low of 54.46 against the dollar on Wednesday. (AP Photo/Rajesh Kumar Singh)

The rupee on Tuesday fell by 17 paise to touch a fresh two-month low of 54.78 against the dollar in early trade at the Interbank Foreign Exchange, due to increased demand for the American currency from oil importers.

Besides, euro’s weakness against the dollar overseas on renewed worries about Greece’s debt crisis and Tuesday’s U.S. Presidential elections also put pressure on the local unit, forex dealers said.

The rupee had plunged by 80 paise on Monday to close at over eight-week low of 54.61 on massive dollar demand from banks and importers amid a sharp rise in the American currency overseas.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.