Rupee falls to below 56 against dollar | SupportBiz

In Brief

Rupee falls to below 56 against dollar

The Indian rupee slipped below 56 against the dollar on July 9, the lowest level in more than a week, tracing similar weakness in other Asian currencies on renewed concerns over the global economic growth.

The partially convertible rupee slumped to a low of 56.03 against a dollar, more than one percent down from its previous close of 55.40 hit on July 6.

This is the fourth consecutive session of weakeness in the value of the Indian currency.

The Indian stock markets was also under pressure. The benchmark Sensex of the Bombay Stock Exchange fell almost one percent due to selling pressure by the foreign institutional investors.