Indian rupee slumps to new low of 58.90 Vs dollar

Indian rupee slumps to new low of 58.90 Vs dollar Mumbai: Inching closer to the 59-mark, the rupee on Tuesday fell by a whopping 74 paise to hit a new all-time low of 58.90 in mid-session trade on persistent dollar demand from importers and banks as well as heavy capital outflows amid weak local equities.

The rupee resumed lower at 58.35 against the dollar as against the last close of 58.16 per dollar at the Interbank Foreign Exchange (Forex) market and dropped further to an all-time low of 58.90 per dollar.

Persistent dollar demand from importers and banks due to higher dollar in the international market mainly affected the rupee value against the dollar, a forex dealer said.

In New York, the US dollar gained against the Japanese yen yesterday as more investors anticipated the Bank of Japan could unveil additional easing efforts at its policy meeting.

Meanwhile, oil prices were mixed in Asia early today after a batch of downbeat Chinese data highlighted concerns about slowing growth in the world's second largest economy.

New York's main contract, West Texas Intermediate light sweet crude for delivery in July added five cents to USD 95.82 a barrel.

Meanwhile, the BSE benchmark Sensex fell by 305 points to 19,135 in mid-session trade today.

PTI