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Rupee falls to record closing low of 59.68

Rupee falls to record closing low of 59.68

The rupee on Monday reacted downwards by 41 paise to log its all-time closing low of 59.68 against the Greenback following weakness in local equities amid month-end dollar demand from importers.

The rupee on Monday reacted downwards by 41 paise to log its all-time closing low of 59.68 against the Greenback following weakness in local equities amid month-end dollar demand from importers.

Sustained capital outflows and firm dollar overseas also kept the rupee under pressure.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced lower at 59.55 a dollar as against last weekend's close of 59.27 and continued its downslide to a low of 59.83 before recovering some ground to settle at 59.68, still showing a fall of 41 paise or 0.69 per cent. Last Friday, it had gained by 30 paise or 0.50 per cent.

The Indian benchmark Sensex on Monday plunged by 233.35 points or 1.24 pct to more than two-month low while FIIs withdrew Rs 1,768.60 crore on last Friday, as per provisional data with stock exchanges.

Month-end dollar requirements from importers, mainly oil refiners, weighed on the rupee, a forex dealer said.

The dollar index was up by 0.21 pct against a basket of six major global rivals.