Rupee hits Record Low of 58 vs US Dollar

The Indian Rupee slipped further to touch a record low of 58 against the US Dollar today. The fall of 1.6 per cent has been attributed to heavy dollar demand. It was also the biggest fall or Rupee in a single day since 22nd September 2011.

The RBI is expected to intervene to check the fall in Indian Rupee. Foreign travel will become costlier if the fall continues and it may impact the Indian Economy too.

The US Dollar is also gaining high against all major currencies, including the Euro and Yen. The revival of US Economy and positive report card on US job market, has boosted the US Dollar.