Indian rupee falls past 56/dollar to over one week low

MUMBAI: The Indian rupee fell past 56 on Tuesday to hit its lowest against the dollar in more than one week as part of a sell-off in global risk assets and ahead of the April industrial output data due out later in the morning.

At 10.50 a.m, the rupee was at 56.04/05 to a dollar, a level last seen on June 1. The next target for the rupee is seen as 56.28, the session high on that day.

The rupee is now close to the record low level of 56.52 hit on May 31.

Traders said that dollar selling by a US-based bank had prevented a further fall in the local unit.