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Rupee slumps to new low

MUMBAI OCT. 14. The rupee virtually slumped against the U.S. currency today and hit fresh two-week low on persistent hectic all round dollar demand amidst an acute shortage of dollar supplies, pulled down partly by a resurgent dollar against its major rivals. Closing at 45.69/71 a dollar, the rupee tumbled by a whopping 27 paise from Monday's finish of 45.42/43, dragged down by sustained heavy dollar demand from all quarters in the face of dwindling dollar supplies. It opened weak at 45.43/44. The rupee declined by around five paise yesterday. The domestic unit had last ended at a lower level of 45.8250/8350 on September 29, before spurting the next trading day (Octoer 1) to a 38-month peak of 45.56/57.

The Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 45.59 and for the single European unit at Rs. 52.84. . — PTI

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