Rupees hit 47-level against US dollar

Rupee today breached the 47-level against the dollar for the first time in more than two years. In hectic trade at the Inter-bank Foreign Exchange (forex) market, the local currency resumed lower at 46.88/90 a dollar from its last weekend's close of 46.54/55 a dollar and tumbled to the 47-level against dollar. The rupee had last seen the 47-level on July 19, 2006. However, it has both good and bad impact on the economy. Source