Rupee hit its lifel-time low of 52.84/85 Vs dollar on Monday, 12th December

Rupee hit its lifel-time low of 52.84/85 Vs dollar on Monday, 12th December

The Indian rupee today hit its lifetime low of 52.84/85 against the dollar as demand for the US currency soared amid signs of FIIs pulling out money in the wake negative growth in industrial production in October.

Forex dealers said a slew of measures like plunging stock markets, dollar gaining strength against its rivals in the overseas market weighed against the local currency which lost a whopping 81 paise against the Greenback today.

Analysts said existing economic woes were compounded by decline in industrial output which dent the confidence of investors.

At the Interbank Foreign Exchange (Forex) market, the rupee opened lower at 52.09/10 a dollar and dropped further to finish at all-time record low at 52.84/85, down 81 paise, or 1.56% from its previous close.

Meanwhile, the industrial output, as measured by Index of Industrial Production (IIP) registered a negative growth of 5.1% in October, the lowest in over two years, mainly due to rising interest rate, high prices and global uncertainties.

src-ET