Rupee falls to 50/dlr, lowest since Oct 27

Reuters Tags : forex india, rupee, dollar Posted: Wednesday, Nov 19, 2008 at 1653 hrs Mumbai, November 19::

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The Indian rupee fell to 50 per dollar in late trade on Wednesday, hit by losses in the domestic equity market and heavy dollar demand from banks looking to arbitrage between onshore spot and offshore forward rates.

At 4:57 p.m., the partially convertible rupee was at 49.9800/9875 per dollar, off a low of 50.01, its weakest since Oct. 27 when it had hit a record low of 50.29. The rupee ended at 49.66/67 on Tuesday.

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