New low for Rupee, falls to 50.40 per dollar

Mumbai: The rupee on Thursday depreciated by another 38 paise against the US dollar in early trade on increased capital outflows and strong demand for the US currency from importers amid weakening equity markets.

At the Interbank Foreign Exchange (forex) market, the domestic unit, which fell by 35 paise on Wednesday to close at record low of 50.02/03, fell by 38 paisa at a new low of 50.40 against the greenback in early trade on Thursday.

Forex dealers said the domestic currency continued to remain under pressure in line with the weakening trends on the domestic bourses.

They said even selling of dollars by banks also failed to check weakness in the rupee's value.