The rupee continued to rise on Wednesday. At 12.45 p.m., the domestic unit was trading at 54.43 to a dollar after hitting a new low of 54.47.
Demand for the greenback is outstripping supply. Dollar demand is coming from oil companies and FIIs.
Dealers say the RBI is intervening intermittently to support the rupee. However, the supply is not enough.
PTI reports: The rupee had touched a record intra-day low of 54.32 on December 15, 2011.
Forex dealers said apart from the dollar’s gains against the euro and other currencies overseas on renewed Euro zone worries, a weak opening in the equity market and increased demand for the American currency from importers mainly put pressure on the rupee.
