Indian rupee hits new all-time low, breaches 57.52/USD

Indian rupee hit a new record low of 57.54 in morning trade Monday on strength in dollar after better-than-expected US jobs data. It opened at 57.25 per dollar as against Friday's closing of 57.06 a dollar.

Earlier, it had hit touched a all-time low of 57.32 per dollar in June 2012. Agam Gupta of Standard Chartered Bank feels strong non farm payroll data could further support dollar strengthening. According to him, there is an expectation of RBI intervention, to cool off the market by supplying dollars on higher rupee levels. "The range for the day is seen between 57.10-57.50/USD," Meanwhile, Arvind Narayanan of DBS Bank says that the currency may fall further till 58/USD on the upper side.