Indian rupee closes at record low | SupportBiz

In Brief

Indian rupee closes at record low

The Indian rupee hit a record closing low of 56.23 against the dollar on May 30 due to increased demand for the American currency by importers for month-end payments and weakness in the euro. The partially convertible rupee ended the day at 56.23, which is the lowest closing level, and 56 paise lower from its previous day's close at 55.67.

Market watchers said increased demand for the US currency from importers, especially oil refiners, to meet the month-end payment obligations, is putting pressure on the Indian currency.

Weakness in euro against the dollar and negative cues from stock markets also added to the pressure on the Indian currency, they added.

Last week, the rupee had touched the record low of 56.40 against the dollar.