Rupee falls to 51/dollar; lifted by banks

The Indian rupee weakened to an all-time low of 51 per dollar in afternoon trade on Friday.

Written by Reuters | Mumbai | Published:February 27, 2009 12:37 pm

The Indian rupee weakened to an all-time low of 51 per dollar in afternoon trade on Friday,weighed down by heavy dollar demand from importers to meet month-end commitments and losses in local shares.

At 12:34 p.m.,the partially convertible rupee had recovered slightly to 50.87/88,having been lifted off a low of 51.00 by buying from state-run banks which dealers said was likely to have been on behalf of the RBI.

The rupee had closed at 50.45/47 on Thursday.

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