Mumbai: The rupee hit a new record closing low of 59.68 against the dollar yesterday as foreign investors pulled money from debt as well as equities markets.
The partially convertible rupee remained weak throughout the day and closed at 59.68 against a dollar, surpassing the previous record closing low of 59.57 hit June 20. The rupee slumped to a low of 59.82 intra-day, nearing the record low of 59.98 touched last week.
Continued sell off by foreign institutional investors in equities as well as debt markets have increased pressure on the Indian currency. Foreign Institutional Investors pulled out over $250m from the equities markets, according to the provisional data available with the stock markets.
The CRISIL credit rating agency expressed hope that the rupee would appreciate from the current lows to about 56 against a dollar by the end of the current financial year. IANS
