Rupee falls to record low of 51.76/dollar

Rupee dropped to an all-time low of 51.76 per dollar on heightened fears of capital outflows.

Written by Reuters | Mumbai | Published: March 2, 2009 9:53 am

The Indian rupee extended its drop to hit a record low of 52 against the dollar on Monday on heightened concerns of rising foreign funds outflows while arbitrage play between the onshore and offshore markets hurt.

At 9:51 a.m.,the partially convertible rupee was at 51.76/79 per dollar. It had closed at 51.10/12 on Friday.

The rupee traded at 52 per dollar according to Reuters data,which dealers said was a miss hit and the deal could be reversed with the counter-party later in the day. They said the low was around 51.8 per dollar.

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