The Indian rupee breached the Rs 54 per dollar-mark in early trade on Thursday, tumbling by 61 paise to Rs 54.32 per dollar on sustained demand for the American currency from banks and importers amid a stronger dollar in overseas market and persistent foreign capital outflows.
The rupee resumed lower at Rs 54.20/21 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 53.71/72 per dollar, and dropped further to Rs 54.32 per dollar before quoting at Rs 54.28/29 per dollar at 10.30 am.
Sustained foreign fund capital outflows in view of the fall in the equity market, coupled with a stronger dollar in global markets, mainly affected the rupee value against the American currency, a forex dealer said.
In the New York market, the euro slumped to its lowest level since January on Wednesday, falling below USD 1.30 per euro after Italy's borrowing costs surged in a bond auction amid reinforced worries about the region's sovereign-debt crisis.
Meanwhile, the BSE benchmark Sensex dropped further by 223 points, or 1.40 per cent, in early trade.
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