Rupee Hits Two-Month Low

Dragged down in part by dollar demand from importers


Tracking weak stock markets for the second straight day, the rupee on Friday plunged by 39 paise to close at a two-month low of 54.75 dragged down by sustained dollar demand from importers and capital outflows.

Brokers said a weak trend in euro in overseas markets also dampened the rupee sentiment against the US dollar.

At the Interbank Foreign Exchange (Forex) market, the domestic currency commenced higher at 54.30 a dollar from overnight close of 54.36. It immediately touched a high of 54.27 on initial jump in local stocks.