Rupee hits new low of 55.09/dollar

This level is the fifth-consecutive all-time low

The rupee fell to a new record low of 55.09 to the dollar, its fifth consecutive all-time low, as arbitrage measures taken by the RBI late on Monday provided only a brief sentiment boost.

At 10:05 a.m., the partially convertible rupee traded at 54.95/00 per dollar, rebounding from the record low and strengthening from its close of 55.03/04 on Monday.

Traders said some exporters were selling dollars in the market, limiting a steeper fall, but the overall bias is still towards a weaker rupee.