Comments
The rupee on Monday dropped by 15 paise to end at a fresh 30-month low of 68.61 a dollar on renewed demand for the American currency from banks and importers on the back of higher greenback overseas amidst sustained foreign capital outflows.
Even the persistent rise in equity market failed to restrict the rupee’s fall, a fore dealer said.
The domestic unit resumed lower at 68.60 as against last Thursday’s closing level of 68.46 at the Inter-bank Foreign Exchange (Fore) market and dropped to 68.70 a dollar before concluding at fresh 30-month low at 68.61, a loss of 15 paise or 0.22 per cent.
It hovered in a range of 68.70 and 68.50 during the day.
The rupee had hit its all-time closing low of 68.80 per dollar on August 28, 2013 after plunging to 68.85-marks on the same day in the intra-day trade.
The dollar index was up by 0.53 per cent against a basket of six currencies in the late afternoon trade.
The yen was weaker against its rivals during Asian trade today, as investors opted to sell the safety of the Japanese currency amid Tokyo stocks’ steady gains.
Oil prices recovered in Asia today after a steep fall in the previous session, with US crude back above $ 30 a barrel as traders mulled the impact of a potential freeze by key producers.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.