Rupee hits 10-month low, slides by 28 paise vs US dollar

The Indian rupee slid further by 28 paise to 62.57 in late morning deals following persistent demand for American currency and weak equities.

The domestic unit resumed lower at 62.50 per dollar as against the last Friday's closing level of 62.29 at the Interbank Foreign Exchange (Forex) market. It hovered in a range of 62.46 and 62.60 before quoting 62.57 per dollar at 1040 hours.

Sustained demand for the greenback amid country's weak macro data's and capital outflows pressurised the Indian unit, a dealer said.

In New York market, the US dollar fluctuated in early volatile trade against its major rivals as oil prices continued to sink on a weak outlook for global demand, while risk aversion pressured US Treasury yields.

Meanwhile, the benchmark BSE Sensex was trading lower by 67.87 points or 0.25 % to 27,282.81 in morning trade.