Rupee hits over 11-mth low vs dollar

Tracking massive fall in equities, the rupee declined by 12 paise to end at 11-month lows of 56.50 against the US dollar amid worries over current account deficit and GDP growth.

Rupee commenced lower at 56.50 from previous close of 56.38 at the Interbank Foreign Exchange (Forex) market on Friday.

With FII outflows of USD 90 million in stocks, RBI’s poor inflation outlook and GDP falling to decade’s low pushed the rupee downwards to 56.76 — its lowest since 28th June 2012.

Rupee concluded at its opening level of 56.50 — a fall of 12 paise or 0.21 per cent.

Dollar demand related to defence payments and month-end imports also hurt rupee, forex dealers said.

However, there were no reports of RBI intervention, they added.