Breaking News! Indian currency rupee hit a new record low of 55 against the US dollar on Monday. The currency has declined over 10 per cent of the value since March 2012, which is not a good sign.


The rupee resumed lower at 54.70 a dollar at the Interbank Foreign Exchange (Forex) Market and fell to the lowest level in the history at 54.99 against the US dollar.


While Union Finance Minister listed some austerity measures to cut the government expenditure amid the slow economy, weakening of rupee and share market in the past few weeks, the recent decline of currency is another blow to the government.


This is for the fourth time the currency fell since March. Forex dealers said that the demand fr dollar at banks and the demand from oil importers despite weakness of the dollar in the overseas market have pulled down the rupee.

Follow us on Twitter & Be our Fan on Facebook.