Rupee hits 11-Month Low of 56.60 vs Dollar
Indian rupee declined by 20 paise to hit 11-month low of 56.60 against US dollar in early trade today. It put a tremendous pressure amid the increased demand for the American currency.
According to few analysts, the domestic currency is likely to hit an all-time low in a few weeks. Rupee was 56.47 against dollar at 09.19 a.m.
Meanwhile, the BSE Sensex fell by 150.27 points, or 0.74 per cent, at 20,065.13.
The rupee had lost 21 paise to hit 10-month low of 56.38 against the dollar yesterday after RBI Governor D Subbarao expressed his concern over inflation. He said that the RBI will take into account macro-economic factors for policy decisions.