Rupee falls to 51.16

The rupee entered uncharted territory on Friday, breaching the 51-mark against the US dollar. The currency ended the day at 51.16, down from Thursday’s closing price of 50.45. Dealers forecast a further drop on Monday. The recent decline is being attributed to the dollar’s strength in global currency markets, renewed vigour in arbitraging between onshore and offshore contracts, and increased month-end dollar demand from importers played spoilsport for the local unit.