Rupee hits new low

MUMBAI, MAY 30. The rupee clocked a new closing low of 44.56/57 to a dollar on the inter-bank foreign exchange market today. Sustained dollar demand from corporates and importers for month- end considerations amidst reduced supplies pushed the rupee down by another seven paise following its overnight sharp 13-paise decline.

Opening around 44.51/52, the rupee gradually dipped to an intra- day low of 44.58/59, before settling at 44.56/57 at close. The spot market was however fairly stable and devoid of excessive speculation, dealers said. Dollar supplies were limited because exporters were withholding repatriation of proceeds for getting a better bargain later.

- PTI

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