Rupee touches fresh all-time low of 53 rupees 71 paise against the dollar

The rupee today touched a fresh all-time low of 53 rupees 71 paise against the dollar, amid continuing capital outflows and further appreciation of the US currency against its major rivals, particularly euro. After slipping to sub-53 level yesterday, the local currency further plunged to 53 rupees 54 paise per dollar in the opening trade at the Inter-bank Foreign Exchange.

Foreign exchange dealers said persistent dollar demand from banks and importers amid a continued pullout of capital by foreign funds weighed against the rupee.

The rupee has come under severe pressure, amid strong signs of slowdown in economic growth, a contraction in industrial output, rising fiscal deficit and current account deficit.