Rupee sheds 57 paise to record low of Rs53.80 per US dollar

The Indian rupee lost 57 paise to a fresh all-time low of Rs 53.80 per US dollar in early trade today amid persistent dollar demand from banks and importers in view of sustained foreign capital outflows.

The rupee resumed lower at Rs53.54/55 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs53.23/24 per dollar, and declined further to a record low of Rs53.80 against the American currency before quoting at Rs53.60/61 per dollar at 1030 hours.

The domestic currency moved in a range between Rs53.30 and 53.80 per dollar during morning deals.

Persistent dollar demand from banks and importers amid a continued pullout of capital by foreign funds mainly affected the rupee value against the dollar, a forex dealer said.

Meanwhile, crude oil was down in Asian trade today, dampened by demand worries as the euro zone debt crisis showed no signs of improving, analysts said. New York's main contract, light sweet crude for January delivery, fell by 31 cents to $99.83 a barrel.