Rupee hits record low of 58.66 against dollar

The rupee hit a record low on Tuesday, with the absence of RBI intervention prompting importers to rush to cover future dollar needs, while exporters refrained from selling dollars in expectation that the rupee could fall further.

The rupee has plunged 2.8 percent so far this week, notching record lows for two consecutive days.

At 10:15 a.m. (0445 GMT), the partially convertible rupee was at 58.66/67 per dollar, after hitting a life low of 58.7050 and 0.85 percent weaker than its previous close of 58.15/16 on Monday.

The rupee has dropped in 16 of the last 18 trading sessions and is down 8.3 percent since the start of May. The currency is the third-worst performer in Asia in 2013.

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