14.12.11

Rupee hits a lifetime low !








The Indian rupee dipped to a fresh all-time low against the US dollar on Tuesday as a weakening domestic economy is forcing foreign investors to take money out of India. After falling to 53.52 to a dollar, the rupee ended at 53.23, weaker by 39 paise or 0.7% from Monday’s close. The weakness of the rupee was also attributed to the strength of the greenback against other major currencies, mainly the Euro, on fears that some of the major economies in Europe could be downgraded. Lack of interest and confidence among global investors in the latest measures, which were proposed to solve the crisis in the debt-ridden Eurozone, also weighed heavily on the rupee’s strength.

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