The Indian rupee closed at a new low of Rs.51.10 against the US dollar as importers increased demand for dollars and foreign investors withdrew $59.20 million from capital markets. Heavy demand from importers and outflows of funds from domestic and international financial institutions selling capital markets shares caused the rupee to fall. Earlier in the day, state-run banks intervened to support the rupee at Rs.51 levels, but it was not enough to prevent the currency from declining further by day's end.