Indian rupee hits record low past 52.2/USD

MUMBAI: The Indian rupee slid past 52.2 against the dollar in opening trades on Tuesday, dropping to its lowest level in history, as broad gains in the dollar overseas and sustained demand from domestic oil refiners weighed.

At 9:10 a.m. (0340 GMT), the partially convertible rupee was at 52.48/50 per dollar, after touching an all-time low of 52.50, and 0.6 percent weaker than its previous close of 52.1550/1650.

At the lowest point, the rupee has shed 16.5 percent from its 2011 high reached in late July.