Rupee nears 92 level on dollar demand, FII outflows

Local currency closes at 91.88, down 30 paise from the previous day’s close after hitting intra-day low of 91.99 against greenback

- BENN KOCHUVEEDAN @ Mumbai

RUPEE on Friday plunged to a new lifetime low of 91.99, weighed down by the steep selloff in the equities markets, which extended the losses in four of the five trading days this week, coupled with the month-end dollar demand from importers and the huge foreign capital outflows from equities.

The battered rupee began the day strong but by afternoon the local currency plunged to 91.99. At that level RBI began selling dollars, leading a mild recovery and the currency closed the session at 91.88, down 30 paise from the previous close.