INR @ 53.83

The rupee witnessed one of its worst falls against the dollar in recent times and ended Wednesday at a new alltime closing low of 53.83 to the greenback. Driving the plunge was increased global risk aversion on the back of fresh weakness in the Eurozone and fears of foreign fund outflow from the domestic market because of weak economic fundamentals. The rupee dipped by 68 paise, or 1.3%, despite RBI’s intervention in the forex market to support the Indian currency.