MUMBAI (Reuters) - The rupee hit the key psychological level of 57 to a dollar, to a near one-year low on the back of weakness in domestic shares and continued dollar demand from oil importers.
At 9:45 a.m., the partially convertible rupee was trading at 56.98/99 to the dollar, after touching 57, a level last seen on June 28, 2012, versus its previous close of 56.7250/7350.
Continued weakness in domestic shares set up the prospects of further falls in the rupee unless the RBI takes measures or intervenes, traders said.
Heavy dollar buying by importers, particularly in the oil sector, also weighed on the unit, a dealer said. (Reporting by Archana Narayanan; Editing by Supriya Kurane)
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