ZI:Indian rupee slumps to new low of 58.90 Vs dollar
Mumbai: Moving from bad to worse, the rupee on Tuesday fell by 74 paise to hit a new all-time low of 58.90 against the US dollar in mid-session trade on the Interbank Foreign Exchange on heavy capital outflows amid high current account deficit.
Forex dealers said besides strong dollar's demand from banks and importers, firming dollar against other currencies on the back of strong economic data, mainly put pressure on the domestic unit.
The rupee sank by a staggering 110 paise to close at its life-time low of 58.16 against the dollar yesterday. The local unit has fell over nine percent in the past six weeks.
Meanwhile, the BSE benchmark Sensex fell by 305 points to 19,135 in mid-session trade today.
