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Rupee falls to 54.62 against US Dollar

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TNI Bureau: After four-day gains, Indian rupee fell to 54.62 against US dollar on Wednesday disappointing the investors. The continuous fall of the local currency is not a good sign for the developing country.

At 9:50, the rupee was down 0.22 per cent or 12 paise to 54.48 against the dollar after hitting a day’s low of 54.62. It opened marginally higher at 54.35 per dollar, up 1 paise from Tuesday’s close of 54.36. The currency rose consecutively for four days to hit a six-week high against the dollar on Tuesday.

The rupee had risen over 4 per cent from its all-time low of 57.33 per dollar hit on June 23. However, the currency is down over 10.5 per cent from its 2012 high in early February.

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