The Indian rupee opened at its record low of 50.69 per dollar on Friday, weighed down by dollar demand from oil marketing companies and importers to square up their month-end deals. It was last seen at 50.67/69 in initial deals.
The local currency had closed at its all-time low of 50.45/47 per dollar as the export policy announcement on Thursday disappointed exporters.
Update at 12:00 IST:
RBI steps in as rupee plunges to a record low of 50.78 per dollar. Traders informed us that Indian banks started offloading dollars when the local currency was seen at 50.72 propping it up to 50.67/68 per dollar.
Update at 16:00 IST:
The Reserve Bank of India (RBI) has fixed the reference rate for the dollar at Rs 50.73 on Friday over its previous rate of Rs 50.41 on Thursday.