Indian rupee once again crossed the crucial 50 mark Wednesday mainly on heavy dollar demand despite RBI move to try to halt it’s fall
The partially convertible rupee ended at 50.02/03 per dollar, 0.7 percent weaker than 49.66/67 at Tuesday's close. It hit a low of 50.03 in late trade, its weakest since Oct. 27 when it hit a record low of 50.29.
Foreign funds have withdrawn more than $13 billion from Indian shares so far in 2008, after buying a record $17.4 billion last year.
Losses in the share market also hurt sentiment. The share market fell 1.8 percent, and has now lost nearly 17 percent over the past six sessions.
Reserve Bank was seen selling dollars via state-run banks to try to halt the rupee's fall through the day, analysts said.
