Money & Banking

Rupee plummets by 56 paise to Rs 52.31/dollar

| | Updated on: Dec 09, 2011
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The rupee fell 56 paise to Rs 52.31 per US dollar in early trade today on sustained demand for the American currency from banks and importers on the back of a strong dollar overseas.

The domestic unit resumed lower at Rs 52.25/26 per dollar at the Interbank Foreign Exchange against its previous close of Rs 51.75/76 per dollar. It moved down further to Rs 52.31 per dollar before quoting at Rs 52.19/20 per dollar at 10.30 am.

Sustained dollar demand from banks and importers in view of a rising dollar in the overseas markets was the main reason behind the fall in the rupee value, a forex dealer said.

In the New York market, the euro fell against the US dollar yesterday after the European Central Bank’s chief dashed hopes that the central bank would immediately expand its bond purchase programme to help distressed European countries.

Published on December 09, 2011

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