MarketBite

Indian Rupee Falls to All-Time Low Against U.S. Dollar

Posted on: November 22, 2011


The Indian rupee slumped to a new all-time low against the U.S. dollar Tuesday as importers continued to scoop up the greenback on fears that the local currency would weaken further in the absence of aggressive central bank intervention

The dollar was quoting at 52.48 rupees at 0339 GMT, compared with its previous record low of 52.1950 rupees on March 3, 2009.

The Indian rupee has of late been Asia’s worst-performing currency, weakening 17% against the dollar since April.

A wave of risk aversion sparked by the crisis in Europe has unnerved investors concerned also about India’s high inflation, slowing economic growth and gaping fiscal deficit.

read more (Image: Indranil Mukherjee/Agence France-Presse/Getty Image)

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