The rupee on Tuesday slipped further to a fresh two-week low of 68.03, plummeting 16 paise against the American currency, following a sudden rise in the dollar’s value against other global currencies. Sustained dollar demand from importers and corporates alongwith heavy capital outflows largely kept the domestic unit under pressure for the second straight day.
The home currency opened a tad higher at 67.86 compared to Monday’s closing value of 67.87 at the Interbank Foreign Exchange (forex) market and gained further ground to 67.81 on fresh dollar selling by exporters. However, the rupee trimmed its initial gains and kept drifting to hit an intra-day low of 68.07 in late afternoon deals before ending at 68.03, a fall of 16 paise.