Indian rupee hits 23-month low
Mumbai, September 11, 2008
The Indian rupee continued its slide and hit a 23-month low of 45.45 for a dollar as the US currency jumped to a one-year high against the euro.
In active trade at the Interbank Foreign Exchange (forex) market, the local currency resumed sharply lower at 45.35/36 a dollar from its previous close of 45.11/12 a dollar and later hit a low of 45.45 level before being quoted at 45.39/40 a dollar in late morning deals, said a Times of India online report.
Forex dealers said sustained dollar demand from oil companies in the light of low crude oil prices and inadequate dollar supplies weighed on the rupee sentiment.
They said some dollar selling was seen when the rupee hit the 45.45 level this morning.