Mumbai: The rupee plunge by 70 paisa to a new record low of Rs 57 alongside the US dollar in mid-session trade Friday on augmented capital outflows and rising demand from importers for the American currency.
Dollar also gained alongside euro and other currencies in the overseas forex markets amid global economic increase concerns, Moody's downgrade of world's 15 biggest banks and mounting worries over euro-zone debt troubles including the size of a post security needed to save Spain's banking sector.
Besides, weak India stock markets also put force on the rupee, forex dealers supposed.
After opening lower at Rs 56.80, rupee recovered partly to 56.76 before slipping once more to surpass all previous records to trade at new low of 57.06 alongside the dollar, down over 70 paisa over yesterday's close.
Forex dealers supposed intervention by the RBI and dollar selling by exporters, though limited the losses.
Dollar also gained alongside euro and other currencies in the overseas forex markets amid global economic increase concerns, Moody's downgrade of world's 15 biggest banks and mounting worries over euro-zone debt troubles including the size of a post security needed to save Spain's banking sector.
Besides, weak India stock markets also put force on the rupee, forex dealers supposed.
After opening lower at Rs 56.80, rupee recovered partly to 56.76 before slipping once more to surpass all previous records to trade at new low of 57.06 alongside the dollar, down over 70 paisa over yesterday's close.
Forex dealers supposed intervention by the RBI and dollar selling by exporters, though limited the losses.
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