Rupee Hits New 5-Month Low of Rs 54.30/Dollar

The Indian rupee hits a new five-month low on May 16, 2012 falling below the previous session low of 54.15 to the US dollar and fast approaching a record low of 54.30 hit in December as global risk aversion intensified.

Most traders cited no Reserve Bank of India (RBI) intervention yet, though a few dealers said the RBI might have sold mildly around 54.10 levels.