Rupee Hits All-Time Low, Dropped to 55.03 Per Dollar

INR (Indian Rupee) hits all-time low, traded at 55.03 against dollar on Monday.

The dealers of Forex market said that renewed demand for the American currency in the international market among the weak equities affected the value of rupee. Investors now greatly prefer to invest in currencies which are believed to be safer, fearing the troubles in euro zone and heavy losses in Asian equities. This situation has led to the rise of dollar in the Hong Kong market.

The RBI immediately imposed restrictions of $100 million on “position limit” for forward contracts by banks.

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