Rupee touches a fresh low of 53.74 against dollar

The partially convertible Indian Rupee extended losses on Wednesday by touching a fresh low of 53.74 against US Dollar as traders continued dumping local currency in favor of American Dollars.

The Federal Reserve on Tuesday said that the US economy is heading towards the improvement as hiring and consumer spending has picked up over the region and the central government has kept further stimulus on hold. The views from the Federal Reserve drove dollar up against the basket of currencies.

Over in Europe, the German chancellor Angela Merkel has rejected the idea of raising the limit of Europe's bailout fund. Euro slipped near an 11-month low against the US Dollar raising doubts about the euro zone's recovery.

At 10:20 am IST, the rupee was trading at 53.63 against dollar. It opened at 53.61 and touched a low of Rs 53.74 during the initial trading hours.

The Indian Rupee has been depreciated close to 20% in this fiscal year as global worries has hit hard the Indian currency to the core.

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