Rupee near record low, trading below 58.50

Jun 24, 2013

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Mumbai: The rupee is closing in on record low on the back of month-end importer dollar demand, weak equities. Pair at 59.71/72 versus 59.27/28 close on Friday, 59.9850 life high.
Dealers say the pair in demand largely on month-end oil demand; local stocks down 0.9 pct.
Foreign banks also seen buying USD largely on portfolio outflows.
INR may find some support if some inflows related to Unilever open offer for India unit materialise.

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