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Rupee dips to 8-month low

PUBLISHED ON: May 6, 2008 | Duration: 1 min, 14 sec

  
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Beating expectations, the Indian rupee on Tuesday tumbled by 34 paise to eight-month low at 40.94/95 against the greenback on as global crude prices hit a new record high, sending oil companies to rush for US currency amidst its short supply. In brisk trade at the Interbank Foreign Exchange market, the local currency resumed weak at 40.67/68 a dollar from its last close of 40.60/61 a dollar and gradually moved downwards to near 41-level during the day.
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