For the first time in history, 1 USD = 53+ Indian Rupees
December 13, 2011
Mumbai, 13 December 2011
The rupee today breached the 53- level for the first time in its history against the dollar on sustained capital outflows amid compounding woes of Indian economy.
The local currency resumed lower at 53.10/11 per dollar at the Interbank Foreign Exchange (Forex) market and immediately tumbled to an all-time low of Rs 53.51.
It partially recovered to settle the day at 53.23/24 per dollar, a sharp loss of 39 paise from its last close.
Foreign exchange dealers said the local currency was weighed down on the dollar gaining strength in the overseas market, particularly against euro, amid the lingering eurozone crisis.
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