MUMBAI: The rupee hit another all-time low of 54.85 per dollar in late morning trade today, losing 38 paise on fresh demand for the American currency from banks and importers.
The rupee resumed lower at 54.60/61 per dollar in the Interbank Foreign Exchange market against its previous closing of 54.47/48 and dropped to 54.82/83, before trading at fresh all-time low to 54.85/86 at 1100 hrs.
Renewed demand for the greenback in view of the stronger dollar in the international market amid weak equities affected the rupee, forex dealers said.
The dollar continued to rise in the Hong Kong market in early trade, extending its longest rally since at least 1985, as raging fears about eurozone's troubles and deep losses in Asian equities lured investors into currencies believed to be safer.
