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Rupee closes below 57 to dollar

  • The rupee fell further this Friday close to all-time low of 57.32 to a dollar, however dollar selling by exporters helped it to close above that level.

    Since May, the rupee has lost 5.7%, making it one of the worst currencies in Asia. Dollar buying by oil importing companies, combined with speculative activity is what led to the weakening of the rupee.

    The weak rupee has made foreign travel more expensive and also has put extra burden on students studying abroad. Domestic prices of petrol and diesel are also impacted by the rupee.

    Tagged as: Business news, Rupee closes below 57 to dollar, Indian rupee ends below 57