Rupee tumbles to record low of 56.50

Mumbai, May 31 (ANI): The downward spiral of rupee value continued for the fourth consecutive day on Thursday, with the national currency toppling by 26 paisa to trade at the record low of Rs 56.50 against the U.S. Dollar.

The early trade witnessed a heavy demand for the dollar from importers amid concerns over Euro-zone worries.

Besides strong month-end demand from importers, particularly oil refiners, the euro's weakness against the American currency on persistent euro-zone worries, kept pressure on the Indian currency, dealers informed.

On Wednesday, the rupee had lost 57 paisa to close at 56.24 despite RBI's efforts to prop it up. (ANI)