ZI:Indian rupee hits 10-month low; hovering at 56.24 Vs dollar
Mumbai: The rupee was down by 28 paise, a 10-month low against the dollar in mid-session trade on Wednesday amid persistent month end dollar demand from importers and banks despite lower dollar overseas.
The rupee last traded lower by 28 paise at 56.24 per dollar, its weakest level since July 25, 2012.
The rupee had slumped by 39 paise to end at nearly nine-month low of 55.96 a dollar in yesterday's trade.
"Heavy month-end dollar demand from importers and banks, coupled with weak equities led to rupee's bearishness," dealers said.
In the international market, the US dollar fell against the Japanese yen in the early trade following a rise in the Japanese bond-market.
Meanwhile, the BSE benchmark Sensex was down by 86 points at 20074 in afternoon trade today.
