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Rupee plunges to new low against dollar

Mumbai, November 18
The rupee today plunged to 32-month low of sub-51 level against dollar on persisting demand for the US currency from banks and importers.

At the interbank foreign exchange market, the domestic currency closed down 44 paise at 51.34/35 a dollar. It had ended at 51.49/51 per dollar on March 17, 2009.

Sustained dollar demand from banks and importers in view of dollar firmness in overseas markets and weak domestic equity markets mainly affected the rupee value, a dealer said.

The global scenario is also affecting the rupee as the eurozone debt issue is still a major hindrance, Abhishek Goenka, CEO, India Forex Advisor said.

The pressure on the rupee will continue largely due to internal issue faced by the economy, he added. PTI

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