Rupee touches record low of 56.57 against dollar

At the interbank foreign exchange market, the rupee fell for the fourth-day in a row, tumbling 42 paise to a new record intra-day low of 56.57 against the US dollar. The rupee fell on increased capital outflows from the domestic equity markets, and rising dollar demand by importers, after the US central bank indicated weak growth prospects for the US economy. Earlier, the rupee had opened at 56.40 to the dollar. The rupee’s previous record low was 56.52 against the dollar, set on 31 May 31.